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By: FEDweek StaffMore than a third of those who started 2022 with more than $1 million in their TSP accounts no longer had a second comma in their balances as of the end of June, the TSP has said.
The number of TSP millionaires fell over that time from 112,880 to 72,241, while the number of those with balances between $750,000 and $1 million fell from 105,000 to 85,444, and the number between $500,000 and $750,000 fell from 219,658 to 193,326.
The largest account balance—possibly, but not necessarily, the same person—fell more than $4 million from just under $11 million at the start of the year.
The TSP recently reported that total account balances fell nearly $105 billion to just under $707 billion over January-June, dragged down mainly by sharp drops in the three stock funds but also by lesser losses in the bond F fund. The account balance figures do not include gains in July in those funds that partly offset those losses.
On a 12-month basis, the millionaire count was down by more than 16,000 from 98,879. The number of investors with between $750,000 and $1 million in June 2021 was 99,708 and the number with between $500,000 and $750,000 was 212,110. Those numbers had risen in the last six months of last year due to positive returns in that time.
There are now more than 6.6 million TSP account holders.
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See also,
Your FERS Annuity is Worth More Than You Think
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The Process of Retiring – OPM’s Benefits Determination Process
House Republicans Revive Retirement Benefit-Cutting Proposals
