He doesn't have a 401(k) or IRA and doesn't own any real estate.
When presidential candidate Kamala Harris announced Minnesota Gov. Tim Walz as her vice president, the internet went wild with clips of him at the state fair with his daughter, throwing out the first pitch at a Minnesota Twins game, andAnd one of the most surprising things that people discovered? Neither Walz nor his wife, Gwen, own any investments. No stocks, ETFs, or mutual funds. No cryptocurrency, REITs, or even any personal real estate.
Nowadays, the pension is a relic. Only about 15 percent of private-sector workers have access to a pension, according toTeachers—like Walz—and other government workers are the most common types of employees to receive pension benefits. Members of the military—also like Walz, A basic rule of thumb is that you should save between 10 and 15 percent of your income for retirement. If your pension doesn’t meet those standards, then you should beef up your savings with an IRA.Talking to a financial planner can help you understand your pension better. You can find a qualified financial planner through the, which keeps a list of financial planners who have a fiduciary duty to their clients. You can even look for some who specializes in working with people with pensions.J.D.
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