Thrift Savings Plan Semptember 2022

More losses for core funds TSP – except G of course. Check out Jen’s update for last month’s TSP performance.

Jennifer Meyer, CFP

The fourth quarter of 2022 started off with continued losses in markets. The S &P 500 Index, which is similar to the C fund in TSP, lost over 9% during the month, making it the worst month of the year for that index. For TSP investors, this has been a challenging year to say the least.

Inflation in September came in slightly higher than expectations and the Federal Reserve maintained their commitment to continue raising interest rates until inflation subsides. As expected, there was another 0.75% increase in interest rates announced at the end of September. Looking towards the remainder of the year, the rhetoric continues to be that until inflation subsides, the Fed will continue to raise rates regardless of the impact on financial markets. It is important to remember that the Federal Reserve has a dual mandate, to keep inflation and unemployment low. Their mandate has no concern for stock market volatility in pursuit of those goals. It is fair to say that TSP participants should be prepared for continued market volatility in the coming months. However, there is a silver lining that should not be underestimated. By continuing to contribute to your TSP, you are now buying more shares with each contribution due to the market decline. This can pay great dividends for disciplined investors over time.

Remember that having a disciplined investment strategy and sticking to it through good times and bad has been shown to produce long term investor success. If you are unsure how to create an investment strategy that you can stick to, there are many resources available to you via Serving Those Who Serve. Start by registering for an upcoming TSP webinar on the Serving Those Who Serve website.

Performance figures for the month of September 2022 are below. The G fund was the best performer for the month, with a positive 0.28% return, while the S fund was the worst, falling slightly more than C and I at -9.91%. Monthly returns from 2022 and year to date returns for 2022 and longer-term averages are shown below. (source,

Year G Fund F Fund C Fund S Fund I Fund
Last 12 months 2.34% -14.35% -15.48% -29.36% -25.31%
2022 YTD 1.94% -14.30% -23.87% -29.85% -27.25%
2022 Monthly          
September 0.28% -4.31% -9.21% -9.91% -9.40%
August 0.25% -2.80% -4.08% -2.08% -5.79%
July 0.26% 2.47% 9.22% 10.32% 5.15%
June 0.29% -1.94% -6.55% -7.95% -8.21%
May 0.21% 1.13% -1.65% -3.53% 1.19%
April 0.20% -3.75% -8.72% -10.57% -6.39%
March 0.17% -2.73% 3.72% 0.90% -0.33%
February 0.14% -1.08% -2.99% 0.03% -2.61%
January 0.13% -2.09% -5.18% -10.07% -3.96%

Month to month trends as shown above are interesting, but it is important to remember that short term market volatility is to be expected and employees should not be making investment decisions based on short term performance. Following are longer term rates of return for each fund, as of September 30, 2022.  (source,

Year G Fund F Fund C Fund S Fund I Fund
1 year 2.34% -14.35% -15.48% -29.36% -25.31%
3 Year 1.58% -3.12% 8.12% 4.22% -1.73%
5 year 2.01% -0.15% 9.20% 4.83% -0.62%
10 year 2.02% 1.14% 11.71% 9.48% 3.95%
Inception Date 4/1/1987 1/29/1988 1/29/1988 5/1/2001 5/1/2001

Please reach out to us with questions and follow our website for the most recent updates. We are here to serve you! Thank you for your service to our government!

**Written by Jennifer Meyer, Financial Planner. The information has been obtained from sources considered reliable but we do not guarantee that the foregoing material is accurate or complete. Any opinions are those of Jennifer Meyer and not necessarily those of RJFS or Raymond James. Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. Investing involves risk and you may incur a profit or loss regardless of strategy suggested. Every investor’s situation is unique and you should consider your investment goals, risk tolerance, and time horizon before making any investment or financial decision. Prior to making an investment decision, please consult with your financial advisor about your individual situation. While we are familiar with the tax provisions of the issues presented herein, as Financial Advisors of RJFS, we are not qualified to render advice on tax or legal matters. You should discuss tax or legal matters with the appropriate professional. **


***The Thrift Savings Plan (TSP) is a retirement savings and investment plan for Federal employees and members of the uniformed services, including the Ready Reserve. The TSP is a defined contribution plan, meaning that the retirement income you receive from your TSP account will depend on how much you (and your agency or service, if you're eligible to receive agency or service contributions) put into your account during your working years and the earnings accumulated over that time. The Federal Retirement Thrift Investment Board (FRTIB) administers the TSP.***

Thrift Savings Plan Semptember 2022

TSP Monthly Recap for September 2022