U.S. Senators earn a salary of $174,000 annually, as of March 2014. Congressional salaries do increase from time to time. Members of the House of Representatives earn the same salary as Senators.
Senators do qualify for a pension after five years of service. The amount of a retired Senator's pension depends upon the total length of service. A Senator is not eligible to draw a pension until reaching retirement age as defined by the federal government. Moreover, a Senator cannot receive pension payments while drawing a federal salary of any type. Senators also receive a staff and office allowance based on the size of the state they represent.