Tim Walz pulled $135,000 from his retirement savings last year to pay for his daughter’s college education. That would be a devastating blow to many Americans’ nest eggs—but not his.
The 60-year-old vice presidential candidate’s pensions make him a throwback to a bygone era of American retirement savings. Even though he has fewer assets and investments than Republican rival JD Vance and many candidates for national office, his net worth doesn’t reflect the full value those pensions provide.
It would likely take a 401(k) balance of about $1 million to buy an immediate annuity that could generate income similar to the couple’s pensions, according to annuity calculators. His campaign confirmed Walz’s withdrawal from a 401(k)-type plan, but declined to comment on his finances.
“He has a good retirement fund. It’s not luxurious, but it’s designed for someone who has been a public servant for most of his life,” said Richard Painter, a professor at the University of Minnesota Law School who was head of the White House ethics office under President George W. Bush.
Pensions like the ones Walz accumulated as a teacher, soldier and elected official, aren’t an option for most Americans. In March 2023, 15% of the private sector workforce had access to a pension plan, versus 86% of state and local government workers, according to the U.S. Bureau of Labor Statistics.
regardless of how the paid off media puts it Tim Walz is not like us and our neighbors who are struggling under high inflation including high taxes with paychecks that are not living wages with no healthcare
Because he has pensions? The entire point of pensions are to give working-class people the kind of income Tom Walz has right now. I’m going to vote for the candidates fighting for union rights and against the candidates who think employees who try to organize should be fired.
Ok doomer. My wife and I are both solidly millennials who bought a house in the 2010s for $230K then refinanced in 2021 at the lowest interest rate, so we have a very affordable payment. Interest rates will go back down again, and home prices in my city are well off their 2023 peak and continuing to trend down
Um, no. Want a pension? Go work the jobs Tim did - generally federal workers, teachers railroad workers, postal employees, state employees, etc. have pensions and/or annuity plans.
https://www.opensecrets.org/personal-finances/tim-walz/net-worth?cid=N00027467
https://www.msn.com/en-us/money/other/tim-walz-is-richer-than-his-net-worth-suggests/ar-AA1pfnh8
regardless of how the paid off media puts it Tim Walz is not like us and our neighbors who are struggling under high inflation including high taxes with paychecks that are not living wages with no healthcare
Because he has pensions? The entire point of pensions are to give working-class people the kind of income Tom Walz has right now. I’m going to vote for the candidates fighting for union rights and against the candidates who think employees who try to organize should be fired.
Yes boomer… nobody younger than Gen X gets one anymore… wtf
Ok doomer. My wife and I are both solidly millennials who bought a house in the 2010s for $230K then refinanced in 2021 at the lowest interest rate, so we have a very affordable payment. Interest rates will go back down again, and home prices in my city are well off their 2023 peak and continuing to trend down
Wtf does this have to do with pensions?
🤡
Um, no. Want a pension? Go work the jobs Tim did - generally federal workers, teachers railroad workers, postal employees, state employees, etc. have pensions and/or annuity plans.
lol this article is like blaming plastic straws for the climate crisis when billionaires go to their bathroom with an airplane