The number of federal/postal workers who have become Thrift Savings Plan millionaires has skyrocketed in recent years. Most did it the old-fashioned way: Investing the maximum allowed in their 401k plan, getting the government match and investing mostly in the stock indexed C, S and I funds.
Many made huge gains during the 2008-2009 recession, when stock prices plummeted and investors stuck with them, buying (as it turned out) low. The number of TSP millionaires jumped from 45,219 in June 2020 to 98,879 in June 2021. Most had been investing for at least three decades. Many long-term investors are (stock market willing) on the verge of joining the million dollar club.
The success of so many TSP investors should tell the American public that these are smart people, and their optional investments will make them self-sufficient in retirement.
Or not.
The problem is that what’s good news for some people — in this case, federal and military personnel and their families — can backfire. In fact, while they welcome regular (quarterly) reports on the TSP and its stakeholders, many are concerned that cranky members of Congress may take issue with the idea of millionaire bureaucrats. Even if they made it the hard way.
They worry that the pols (most of whom belong to the TSP) might trim the program, reduce the government match or otherwise...
Read Full Story: https://federalnewsnetwork.com/mike-causey-federal-report/2021/08/good-news-there-are-98879-federal-tsp-millionaires-bad-news-too-many-people-know-it/
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