WASHINGTON (CBSDC) — Pope Benedict XVI won’t have to worry about finding another job.

The 85-year-old pope will be receiving a pension of $3,500 a month, according to The Independent.

The pope’s pension will be 50 percent less than what a cardinal gets, but Benedict could get nearly $7,000 a month if the new pope gives him the title of Emeritus Cardinal.

Following his resignation on Feb. 28, Benedict will spend two months at the papal summer retreat at Castel Gandolfo before making his permanent residence near the Vatican gardens.

Benedict shocked the world earlier this month when he announced his resignation becoming the first pope to step down from the Catholic throne in nearly 600 years.

Follow WNEW on Twitter.

(© Copyright 2013 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)