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Federal employees do a great job saving for retirement in the Thrift Savings Plan, and the numbers prove it. Here are a few of the outstanding statistics:
- Total TSP assets at the end of 2023 were $845 billion.
- 4,060,009 FERS TSP accounts with an average account balance of $175,692. To compare, the average 401(k) balance based on 4.9 million defined contribution retirement plans was $112,572 at the end of 2022, according to Vanguard’s 2023 analysis. To compare more accurately, at the end of 2022, the average TSP balance for a FERS employee was $157,325.
- The rate of participants taking advantage of the full match reached another record for 2023: 86.8% for FERS. This is up from 79.4% in 2019.
- Roth participation also reached a record high for 2023 at 36% of participants with a Roth balance.