The average TSP account has been open for just under 10 years, although for the millionaire accounts the average is nearly 29 years. Image: Song_about_summer/Shutterstock.com
By: FEDweek StaffAs of year-end 2023 just under 117,000 TSP investors had $1 million or more in their accounts, an increase of some 40,000 during the year, another impact of the rebound in stock-based investment funds during the year making up for their losses of 2022.
The figure — representing about 2 percent of account holders — tops the previous high in the quarterly reporting of about 113,000 at year-end 2021; the year-end figure for 2022 had been about 77,000.
The number of investors with accounts worth $750,000 – $1 million rose in 2023 from about 88,000 to about 107,000, while the number with accounts worth $500,000 – $750,000 rose from about 198,000 to about 225,000, and the number with accounts worth $250,000 – $500,000 rose from about 528,000 to about 565,000.
The TSP ended 2023 with 6,989,602 account holders, a total of active federal employees and military personnel, those who kept their accounts in place after retiring or otherwise separating from federal or military service, and inherited accounts. The year-end 2022 total was 6,751,171.
The average TSP account has been open for just under 10 years, although for the millionaire accounts the average is nearly 29 years (the “trick” really is just consistently investing over a long period of time).
The largest TSP account as of year-end 2023 was just above $8 million; the largest account as of year-end 2022—presumably, but not necessarily, the same person—had been just under $6.9 million.
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