Tim Walz, the current governor of Minnesota and Democratic vice presidential nominee, has built up significant pensions during his years in public service. His net worth is more in line with the average American family than with that of a top politician. Walz’s decades-long career includes time in public education, the military, Congress, and now as governor.
Financial disclosures from his time in Congress show that he and his wife Gwen had a net worth between $112,003 to $330,000. If his pension funds were included, his personal fortune could increase by over $800,000. In 2022, Walz and his wife earned $166,719.
The Minnesota governor’s salary was $127,629, which later increased to $149,550. His Republican counterpart, JD Vance, has an estimated net worth of $10 million and earned between $1.2 to $1.3 million in 2022. Both Walz and his wife have pensions ranging from $16,002 to $65,000, according to their 2019 financial disclosure to Congress.
Tim Walz’s pensions drive finances
The average retired teacher in Minnesota earns a pension of $27,600 per year. Walz left teaching in 2006 to run for Congress, and his wife has worked in public schools for over 20 years.
Walz retired from the National Guard in 2005 after 24 years of service. His military pension is estimated to be about $8,200 per year, based on 10% of his highest three-year average pay adjusted for inflation. As a former member of the House of Representatives, Walz will be eligible for an inflation-adjusted congressional pension of $35,000 or a lower $32,000 for payments spanning both his and his spouse’s lifetime.
He served in the House from 2007 to 2019, where the salary was about $174,000 during his final year. As the governor of Minnesota, Walz must contribute about 6% of his annual pay to a 401(k)-style plan managed by the state government. The details of this investment and its potential returns are not clear.
While Walz’s net worth is much lower than many of his political peers, his long service in various public sectors has provided him with substantial pensions that significantly increase his financial standing.
- NYPost.”Tim Walz racked up significant pensions during his years in public service”.
- TruthDig.”Mr. Clean: Tim Walz is a natural champion for an overdue ban on congressional stock trading”.
- TownAndCountryMag.”Tim Walz Doesn’t Own Any Real Estate”.