Through October, the average balance for FERS account holders was about $192,000 and the average balance for CSRS account holders was about $218,000, an increase of about $16,000 and $21,000 from the beginning of the year. Image: Vitalii Stock/Shutterstock.com Posted by: FEDweek Staff
The number of TSP account holders with at least $1 million in their accounts has increased from just under 117,000 to more than 155,000 since the beginning of the year, reflecting positive returns from TSP’s equity-based funds. .
Through Sept. 30, this figure represented about 2 percent of the current more than 7.1 million account holders, including current and former federal service members and service members. As of September 30, 2023, that number was just under 95,000.
So far this year, the number of account holders between $750,000 and $1 million has increased by about 14,000 to about 122,000. People making between $500,000 and $750,000 earn about $20,000 to about $245,000. There are about 17,000 and 592,000 people making between $250,000 and $500,000.
Through October, the average balance for FERS account holders was about $192,000 and the average balance for CSRS account holders was about $218,000, an increase of about $16,000 and $21,000 from the beginning of the year.
Additionally, the Common Stock C Fund, which accounts for 43.8% of TSP’s capital when taken into account as a percentage of the Lifecycle L Fund, rose 20.93% through October. The SME Stock S Fund (11.7% of investments) rose 12.35%, and the International Stock I Fund (9.1% of investments) rose 7.31%.
FERS and Social Security are big, but we need a fat TSP, writes John Grobe.
It’s not uncommon for federal employees to feel like they can’t afford to contribute to a thrift savings plan or feel like they can’t afford to increase their contributions. However, to enjoy a comfortable retirement, there is nothing more important than a large TSP balance.
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