The countdown to the 2024 presidential election is ticking away, with under three months to go until November 5. Vice President Kamala Harris named Minnesota Governor Tim Walz as her running mate for the Democratic Party earlier this month. While the public learns more about Walz through his tenure as governor, member of Congress, and US National Guardsmen, what more can be gleaned about the man through his personal finances?
Yahoo Finance senior columnist Kerry Hannon joins Brad Smith in interviewing Morningstar director of personal finance and retirement planning Christine Benz on Walz’s finances and retirement savings, including the fact that he does not own any stocks or investments in bonds and mutual funds.
Walz does not own a single stock, and thus, his net worth is estimated to be between $112,000 and $300,000. His current salary is around $127,000 annually, which is higher than the median household income of $74,580, according to the 2022 Census. Because of his jobs as a public school teacher, National Guardsman, congressman, and governor, Walz likely has a pension.
Benz notes that roughly 20% of workers have pensions, and one of the benefits of having a government-provided pension is that it is adjusted for inflation. Yahoo Finance believes Walz’s pension to be valued at up to $800,000 when accounting for his long political and military career and his time as a teacher.
Benz recommends all Americans save for retirement in tax-deferred compounding accounts, which could be either a government or company provided plan. She also encourages investing accounts alongside pension or retirement account to have extra money in the case of long-term care, or a down payment on a home, for instance.
When it comes to Walz’s opponent, JD Vance, Benz notes that he has a much larger portfolio, which she believes is also reflective of a generational divide. “JD Vance is someone who has had a career in the private sector. His investments reflect that. It appears to be a pretty broadly diversified portfolio. Lots of individual stocks as well as a cryptocurrency position and some fixed-income positions.”
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This post was written by Melanie Riehl