On paper, Minnesota Governor Tim Walz’s net worth appears to be more in line with that of the average American family than that of a typical top politician, but his middle-class image belies his underlying financial situation.
Walz has accumulated substantial pension savings thanks to decades of public service in public education, the military, Congress and as governor.
His 2019 Financial DisclosureAfter introducing the bill, which he was required to do while in Congress, Walz and his wife, Gwen, had net worths between $112,003 and $330,000 at the time, a congressional analysis found. The Wall Street Journal.
Taking into account his pension fund, his personal wealth could increase by more than $800,000, according to the outlet.
However, Waltz’s exact financial figures are: Details of his disclosures ahead of the gubernatorial campaignWalz did not list any stocks, bonds or real estate assets on his declaration of financial interests as a Minnesota public servant.
Waltz and his wife earned a combined $166,719 in 2022. According to the governor’s tax returnsThe Minnesota governor’s salary that year was $127,629. It has been rising since then Up to $149,550.
By comparison, Waltz’s running mate, Republican vice presidential nominee J.D. Vance, has an estimated net worth of $10 million. According to ForbesVance made between $1.2 million and $1.3 million in 2022. According to financial disclosure documents:.
Below is a summary of Waltz’s pension, based on publicly available data and reports.
Public Education
According to financial reports submitted to Congress in 2019, the pension benefits of both Walz and his wife ranged from $16,002 to $65,000.
The average pension benefit for retired teachers in the North Star State is $27,600, according to the Minnesota Teachers Retirement Association.
Walz left his teaching job in Minnesota around 2006 to run for Congress, and his wife taught in the public schools for more than 20 years.
Military
Walz served in the National Guard for nearly 24 years, both during his run for Congress in 2005 and before his battalion was deployed to Iraq.
The disclosure documents did not provide an exact figure for his military pension, but The Wall Street Journal reported that it is typically equal to about 10% of his highest three years of average salary, adjusted for inflation, which amounts to $8,200 a year.
meeting
Minnesota’s governor is eligible for an inflation-adjusted legislative pension of $35,000, but can choose a lower amount of $32,000 paid over his and his spouse’s lifetimes.
Walz served in the House of Representatives from 2007 to 2019, making about $174,000 in his final year in office.
Governor
As leader of Minnesota, Walz is required to contribute about 6% of his annual salary to a state-run 401(k)-style plan.
It’s not entirely clear how the money will be invested or how much of a return he stands to make from it.
