US Vice Presidential candidate Tim Walz, 60, worked in multiple professions over the decades before becoming the 41st Minnesota Governor in 2019. He holds a master's degree in education leadership and has implemented several progressive policies, including free school meals and better worker leave terms. The financial impact of these policies and Walz's records on fiscal challenges are attributes voters would look up to. However, Walz's recent interview with The Wall Street Journal revealed that his personal finance choices might not be the best for his retirement goals.
Walz disclosed he made an early withdrawal of almost $135,000 from a workplace retirement account in 2023 to finance his daughter's college education, which most financial advisers would say is a grave personal finance mistake. The amount was nearly 10% of his estimated retirement savings, north of $1 million. Certified financial planner Gerika Espinosa reportedly said Walz's decision is "not advisable" because withdrawals are at the expense of his retirement.
