FEDERAL RETIREMENT THRIFT INVESTMENT BOARD

2023 Financial Wellness Survey

December 2023
2

Contents

Introduction........................................................................................................................................................ 3

Perceptions of Financial Wellbeing.................................................................................................................... 5

Emergency Savings........................................................................................................................................... 6

Retirement Planning .......................................................................................................................................... 7

Effects of Money Management Practices and Financial Advice ....................................................................... 13

TSP Offerings.................................................................................................................................................. 15

Key Findings.................................................................................................................................................... 19

APPENDIX A: Methodology............................................................................................................................. 20

APPENDIX B: 2023 Active Participant Survey................................................................................................. 24

APPENDIX C: 2023 Separated Participant Survey .......................................................................................... 28
3

Introduction

The Federal Retirement Thrift Investment Board (FRTIB), created by the Federal Employees' 

Retirement System Act of 1986 (FERSA), administers the Thrift Savings Plan (TSP), a defined 

contribution plan similar to private sector 401(k) plans. The TSP provides Federal civilian employees 

and members of the Uniformed Services the opportunity to save for their retirement. As of April 2023, 

the TSP had over 6 million participants with approximately $790 billion in assets and is the largest 

defined contribution plan in the world.

The FRTIB's mission is to administer the TSP in the best interest of participants and beneficiaries. 

To meet its mission, the FRTIB conducts periodic surveys to better understand participant 

satisfaction, expectations, perceptions of service, behaviors and preferences. In 2023 and 2020, the 

FRTIB selected Gallup to conduct a survey to better understand how participants view their financial 

wellness and preparation for retirement. In particular, the agency wanted to understand any gaps 

and/or disconnects in participants’ retirement confidence, needs, behaviors and money management 

practices relative to achieving their retirement goals. A key study goal was to understand differences 

as participants move through the early, middle and later part of their careers. This understanding will 

inform FRTIB strategies to reduce identified gaps or disconnects in participant retirement readiness.

Participants within the TSP fall under one of the four distinct federal retirement systems. The TSP has 

approximately 4.44 million active participants. Of those, approximately 2.73 million are covered under 

the Federal Employees Retirement System (FERS). This study focuses on FERS participants as they

cover the majority of participants who rely on the TSP as a primary component of their retirement 

savings. This is in contrast to the Civil Service Retirement System (CSRS) and original Uniformed 

Services participants who are excluded as they use TSP as a supplement to other retirement 

benefits. The study also excludes Blended Retirement System (BRS) participants, the newest 

retirement group demographic who are mostly in the early career group and likely have not thought 

as much about retirement at this point in their careers.
4

Methodology summary

Gallup attempted to reach FERS participants by both mail and email to invite them to participate in 

this study. On June 1, 2023, Gallup mailed a pre-notification postcard to a sample of 5,000 FERS 

participants alerting them that a survey would be coming soon and inviting them to take the survey by 

web. On June 1, Gallup emailed an invitation with a link to complete the survey to the 70% of 

members with email addresses. On June 7, 2023, Gallup mailed to the full sample of 5,000 a survey 

packet in a flat envelope that contained a cover letter and a four-page color survey booklet asking 

participants to complete and return the survey back to Gallup. Gallup sent a total of nine web 

reminders to all participants following the postcard and initial mailing, and all mail communications 

included the URL and access code for completing the survey online if desired.

The total of 657 usable returned surveys (paper and online) received before the survey closed on July 

18, 2023, resulted in a response rate of 13%. The total sample was allocated optimally across 

different strata to ensure an adequate sample size for different groups and subgroups of interest to 

FRTIB. Sixty-two percent of completed surveys were conducted via web.

T A B L E 1 . P O P U L A T I O N S I Z E , S A M P L E S I Z E A N D N U M B E R O F C O M P L E T E D 

S U R V E Y S B Y C A R E E R S T A G E

Career

stage

Total population 

size Total sample size Number of completed surveys Response rate (%)

Total 3,251,805 5,000 657 13%

Early career

(Under age 35) 484,772 1,250 77 6%

Mid-career

(Age 35 to 49) 1,112,839 1,650 167 10%

Late career

(Age 50 or older)

1,654,194 2,100 413 20%

Gallup weighted data to correct for bias in the estimates caused by both intentional disproportionate 

sample and unintentional disproportionate response rates. In other words, responses and statistics 

were adjusted to reflect the known population of TSP FERS participants by employment status, 

career stage and email availability.

Throughout, the report shows results by career stage and by separated and active participants where 

sample size permits. Additionally, it notes references to a subgroup (e.g., career stage) being higher 

or lower than another group only if the difference is statistically significant. See the full methodology 

report included in Appendix A for more detail.
5

38%

45%

50%

49%

63%

66%

72%

69%

65%

55%

52%

54%

55%

57%

23%

29%

23%

23%

19%

21%

19%

23%

18%

18%

22%

24%

21%

23%

35%

24%

26%

27%

17%

13%

8%

8%

16%

26%

25%

22%

23%

19%

2020

2023

2020

2023

2020

2023

2020

2023

2020

2023

2020

2023

2020

2023

Satisfied (4/5 ratings) Neither satisfied/dissatisfied (3) Dissatisfied (1/2 ratings)

Perceptions of Financial Wellbeing 

Just over half of participants are satisfied with their current financial condition.

When asked to think about their household’s assets, debts and savings, just over half of FERS 

participants are satisfied with their current financial condition (57%), similar to the 55% who were 

satisfied in 2020. Significantly fewer participants are extremely dissatisfied or dissatisfied (at 19%), 

compared with the 23% who were extremely dissatisfied or dissatisfied in 2020.

F I G U R E 1 .

Overall, thinking of your household’s assets, debts and savings, are you satisfied or dissatisfied with 

your current financial condition?

Overall

Active

Separated & employed

Separated & retired/Not working

Late career

Mid-career

Early career
6

Do you have

savings or a fund

set aside for

emergencies?

Emergency Savings

A large majority of participants have an emergency fund.

Eight in 10 (84%) of all TSP participants have a special fund or savings set aside for emergencies, 

while only 16% do not. Those who report having this emergency fund are much more likely to be at 

least somewhat confident in their retirement savings (61%) than those who do not report having an 

emergency fund (21%).

When asked how much of an unexpected one-time expense a participant could handle without using 

a form of lending (e.g., loan, credit card, borrowing), 58% of TSP participants report being able to 

accommodate a $5,000 expense. This compares quite favorably to a similar benchmark from the 

2022 Federal Reserve Survey of Household Economics and Decisionmaking (SHED), which found 

that 37% of Americans were unable to handle an expense in excess of $400.1

F I G U R E 2 .

About how much of an unexpected one-time expense could 

you handle without taking out a loan, using a credit card 

or otherwise borrowing money to pay for it?

$0

$1 to $499

$500 to $999

$1,000 to $2,499

$2,500 to $4,999

$5,000 and greater

Don’t know

3 Board of Governors of the Federal Reserve System. (2023). Report on the Economic Well-Being of U.S. Households in 

2022. https://www.federalreserve.gov/publications/2023-economic-well-being-of-us-households-in-2022-

executive-summary.htm

Yes

84%

No

16%

4%

5%

8%

14%

16%

50%

4%

3%

6%

10%

11%

12%

58%

2%

2020 2023
7

8%

24%

31%

15%

21%

9% 9%

33%

20%

29%

9% 6%

26%

32%

26%

9%

17%

31%

19%

25%

Late career Mid-career Early career Total

6% 6%

19%

34%

21%

7% 7% 7%

0%

7%

25%

30%

16% 13%

4% 2%

20%

34%

24%

7% 8% 4% 4%

18%

33%

24%

8% 9%

Separated & retired/

Not working

Separated &

 employed

Active Total

Retirement Planning 

One-third of participants plan to retire between age 60 and 64 — similar to the ages that 

separated participants retired.

The bulk of TSP participants plan to retire between the ages of 60 and 64. One group, those 

separated and employed, has bucked that trend in that the largest percentage of these participants 

expect to retire between the ages of 65 and 69.

When asked how many years participants think they will need their TSP funds to last in retirement, 

31% report needing it to last for 20 to 29 years. Another 19% report that they think they will need their 

TSP funds to last 30 years or more. In alignment with their retirement age goals, 32% of early career 

participants report the need for their funds to last 30 or more years into their retirement. Furthermore, 

26% of early career participants are uncertain of how long they expect to need their TSP to last in

retirement.

F I G U R E 3 .

At what age do you plan to, or did you, retire from full-time employment?

Don’t know 70 and older 65 to 69 60 to 64 55 to 59 50 to 54 Before age 50

How many years do you think you will need your TSP to last in retirement?

Don’t know 30 years or more

20 to 29

years

10 to 19

years

0 to 9

years

4% 4%

18%

33%

24%

8% 9%

2% 4%

20%

34%

24%

7% 8% 7%

0%

7%

25%

30%

16%

13%

6% 6%

19%

34%

21%

7% 7%

9%

17%

31%

19%

25%

9% 6%

26%

32%

26%

9% 9%

33%

20%

29%

8%

24%

31%

15%

21%
8

About half of participants (47%) know how much they need for a comfortable retirement; most 

base their estimate on monthly/annual income needs.

Overall, 47% of TSP participants report having an idea of how much money they would need to retire 

comfortably. Of participants who are separated and retired/not working, 66% have an idea of how 

much money they need, compared with 44% for participants who are separated and employed and 

41% of active participants.

F I G U R E 4 .

Do you have an idea of how much money you need in retirement to retire comfortably? (% Yes)

Overall 

Active 

Separated & employed 

Separated & retired/Not working 

Early career 

Mid-career 

Late career 

Which statement best describes how you think about the amount of money you will need to retire 

comfortably?

Estimate of multiple of pay needed

(e.g., 10 times pay)

Estimate of percentage of final salary needed

(e.g., 80% of final salary)

Estimate of total amount of money needed to have saved

(e.g., $500,000 or $1 million)

Estimate of amount of monthly or annual income needed 

48%

47%

2020 2023

6%

20%

44%

66%

7%

15%

46%

70%

2020 2023

44%

61%

67%

41%

44%

66%

29%

39%

60%

42%

36%

56%
9

FERS annuity is the primary additional source of retirement income besides TSP and 

Social Security.

Over six in 10 (65%) participants report the FERS annuity/pension as the top source of additional 

retirement income outside of the TSP and Social Security. Forty-one percent of TSP participants also 

report having private savings/investments as a supplemental retirement income. Significantly more 

separated and employed participants (61%) have retirement plans or stock ownership from a 

previous employer than separated and retired/not working (26%) and active (33%) participants.

Overall, only 8% of FERS participants haven’t thought about their sources of retirement income.

F I G U R E 5 .

In addition to your TSP and Social Security, select the sources of income that you currently have or plan 

to have, during retirement. (Open-end response)

FERS annuity/pension

Private savings and investments

Retirement plans/stock ownership from previous employer

Income from a spouse/other family members

Part-time work

Home equity (e.g., reverse mortgage or downsizing)

Uniformed Services annuity/pension

Rental income and royalties

Inheritance

Have not really thought about it/Not sure

Annuities or insurance plans

Other 5%

6%

8%

12%

12%

14%

17%

23%

29%

35%

41%

65%
10

A majority of participants are confident they are on track to a comfortable retirement lifestyle

— those closest to/in retirement are most confident.

Overall, 54% of TSP participants are confident that they have saved or are on track to save enough 

income to support a comfortable lifestyle throughout their retirement. Separated and retired/not 

working participants are the most confident that they are on track to have saved enough for 

retirement (69%), compared with those participants who are separated and employed (44%) or active

(52%). Late career participants (63%) are more likely to feel confident they are on track than midcareer participants (41%). Of the 22% of participants who are not confident, the top reasons are not 

saving enough (67%), inflation (38%) and concern about outliving savings (33%).

F I G U R E 6 .

How confident are you that you are on track to have sufficient income in retirement/have already saved 

enough to support a comfortable lifestyle throughout your retirement?

Overall 

Active 

Separated & employed 

Separated & retired/Not working 

54% 24% 22%

Confident (4/5) Neither confident/unconfident (3) Not confident (1/2)

69%

44%

52%

18%

7%

26%

13%

49%

22%
11

Those participants who are not confident that they are on track for retirement reported which debt 

categories specifically affect their ability to save. The top three categories that prevent participants 

from saving are mortgage/rent (60%), personal debt (59%) and child/elder care (26%). Compared 

with 2020, there was a significant decrease in reporting student loans as a debt affecting the ability to 

save for retirement (17% in 2023 compared with 29% in 2020).

F I G U R E 7 .

What kind of debts or living expenses are most affecting your ability to save as much as 

you would like for retirement? (Open-end response)

Career Stage

Early Mid Late

Mortgage/Rent 47% 68% 54%

Personal debt 40% 62% 61%

Other 24% 22% 33%

Child/Elder care 26% 39% 12%

Student loans 10% 20% 15%

Medical debt 0% 4% 16%

Not applicable 3% 5% 2% 4%

8%

17%

26%

26%

59%

60%
12

One-third of participants rely on retirement planning seminars provided by their 

agency/service for retirement planning guidance.

In terms of sources of information for retirement planning guidance, TSP participants are most likely 

to rely on retirement planning seminars provided by their agency/service (33%). This is closely 

followed by relying on themselves with little or no guidance (30%), friends/work colleagues (28%) and 

the TSP annual statement (26%). Over one-third of both separated and retired/not working (36%) and 

separated and employed (37%) participants say they rely on themselves with little assistance,

compared with only 26% of active participants. Furthermore, participants who are early in their 

careers are more reliant on retirement information from friends or relatives than participants who are 

further along in their careers. Early career and mid-career participants are also more likely to not have 

planned for their retirement. The use of financial advisors slightly increases with career tenure, rising 

from 15% for early career participants to 27% for those late in their careers.

F I G U R E 8 .

What are your top three sources of information for retirement planning guidance? (Open-end response)

Career Stage Employment Status

Early Mid Late *Sep. & ret. **Sep. & em. Active

Retirement planning seminar/ 

information provided by your 

agency/service

27% 28% 38% 39% 19% 33%

Rely on yourself with little or no 

assistance 26% 28% 32% 36% 37% 26%

Friends/Work colleagues 46% 27% 23% 18% 44% 28%

TSP annual statement 13% 24% 31% 25% 16% 29%

Professional financial advisor 15% 22% 27% 24% 17% 24%

Social Security statement 0% 14% 33% 33% 17% 19%

Relatives 49% 24% 11% 14% 33% 22%

Financial investment 

publications or websites/online 

tools not provided by the TSP

22% 18% 23% 22% 31% 19%

TSP website/information from 

the TSP (e.g., tsp.gov, TSP 

publications/brochures)

20% 14% 25% 23% 15% 21%

None/Haven’t really planned for 

retirement yet 19% 21% 7% 7% 10% 16%

Other 3% 4% 6% 6% 2% 5%

Note: *Separated & retired/Not working; **Separated & employed

21%

22%

23%

26%

28%

30%

33%

5%

14%

20%

21%
13

Effects of Money Management Practices and 

Financial Advice

Tracking spending is the top money management practice.

Three-quarters of TSP participants name tracking their spending/knowing their expenses as a money 

management practice they use, and 66% name paying down debt. Half of TSP participants also track 

savings and investment totals and 48% have a budget. Active participants are more likely than 

separated and retired/not working participants to be reviewing and managing credit reports.

F I G U R E 9 .

Which, if any, of the following money management practices do you use? (Open-end response)

Employment Status

Separated &

retired/Not 

working 

Separated &

employed Active 

Track spending/

Know your expenses 75% 72% 76%

Control/Pay down debt 60% 71% 68%

Track savings and investment totals 58% 52% 47%

Have a budget 54% 43% 46%

Review/Understand/

Manage credit report 30% 41% 40%

Pay yourself first (put money into savings 

before discretionary spending) 30% 45% 39%

Manage investments/Make allocation

adjustments 30% 31% 28%

Regularly meet with a financial advisor 15% 6% 11%

75%

66%

50%

48%

38%

37%

29%

12%
14

Only 8% of TSP participants meet with a financial advisor at least a few times a year. However, over 

half of TSP participants have met at least once with a professional financial advisor or retirement 

planning advisor to receive retirement planning advice. 

F I G U R E 1 0 .

How often, if ever, do you receive retirement planning advice from a professional financial and/or 

retirement planning advisor?

Overall 

Early career 

Mid-career 

Late career 

Overall, 33% of TSP participants practice zero to two money management techniques and 29% use 

five or more. Those who use multiple money management practices are more likely to be confident in 

their financial future (76% of those who use five or more practices vs. 43% of those who use zero to 

two). 

F I G U R E 1 1 .

How confident are you that you are on track to have sufficient income in retirement/have already saved 

enough to support a comfortable lifestyle throughout your retirement?

Number of money 

management practices 

used

5 or more

3 to 4

0 to 2

11%

7%

8%

10%

10%

9%

10%

15%

9%

7%

11%

18%

18%

20%

18%

47%

56%

64%

52%

Regularly, at least a few times a year About once a year

Once every few years Met with one once

Have never met with a professional financial advisor

43%

50%

76%

24%

32%

14%

33%

18%

10%

Confident (4/5) Neither confident/unconfident (3) Not confident (1/2)
15

TSP Offerings

Multiple tools reported as useful to assist in retirement planning.

Overall, 80% or more of TSP participants think that enhanced retirement income estimate, savings

and withdrawal calculators would be the most useful for them when making retirement decisions.

Conversely, relatively fewer participants think that webinars (65%) or paid online financial advice 

(47%) would be useful.

F I G U R E 1 2 .

How useful would each of the following be in helping you make retirement-related decisions?

Overall Total useful

Tool/online calculator that provides retirement income 

estimates by accounting for all your retirement income sources 85%

Tool/online calculator which tells you if you are on track to save 

enough to meet your monthly income needs in retirement 84%

Tool/online calculator to help determine how to withdraw from your 

TSP account to make your funds last through your retirement 84%

Tool/online calculator to help you determine

the amount you need to save in your TSP for retirement

estimates by accounting for all your retirement income sources

83%

Webinars or podcasts related to retirement decisions 65%

Online financial advice (for an additional fee) 47%

Seminars on retirement planning are most requested by participants.

When asked what the TSP could do or provide to better assist participants in understanding or 

reaching their retirement goals, 18% of participants indicate their desire for seminars on retirement 

planning or instructional materials/aids such as informational tutorials and videos. Additionally, 

participants also request an improved website with a better interface (11%) and more sophisticated 

planning calculators (11%). Specifically, seminars and an improved website are a bit more highly 

requested by early career participants than their peers who are further along in their careers. 

15%

28%

53%

55%

53%

53%

31%

37%

30%

29%

31%

33%

Extremely useful Somewhat useful
16

F I G U R E 1 3 .

What can the TSP do or provide to assist you in understanding and reaching your retirement goals? 

(Among those with an opinion)

n=261

Career Stage Retirement Status

Early Mid Late

Separated

& retired/

Not 

working 

Separated 

&

employed Active 

Seminars on retirement 

planning/instructions/

information/tutorials/videos

32% 25% 12% 6% 21% 23%

Nothing/NA 15% 11% 15% 26% 4% 11%

Improve website/better 

interface/user-friendly 22% 9% 8% 10% 15% 10%

More sophisticated planning 

calculators/estimate 

growth/under 

different scenarios

12% 14% 9% 5% 8% 13%

Personalized retirement 

planning advisor/financial 

advisors/retirement goals

4% 7% 10% 9% 3% 9%

Contact capabilities/phone/

person on the phone/online 

chat/better customer service

2% 6% 7% 8% 5% 5%

Other 4% 0% 6% 8% 4% 3%

Protect our money/better 

return/low risk investments 0% 6% 3% 3% 8% 3%

Have already retired 0% 0% 5% 9% 0% 1%

Allow more transactions/ease 

of moving funds/making 

changes/daily time 

for changes

5% 4% 2% 1% 13% 2%

More investment 

options/precious 

metals/Crypto currencies

2% 2% 1% 1% 0% 2%

Fund performance 

comparisons/updated 

account information/balance

0% 4% 1% 0% 5% 2%

No fees/lower fees 0% 2% 0% 0% 0% 1%

18%

14%

11%

11%

9%

6%

5%

3%

3%

3%

2%

1%

1%

Those with opinion
17

Key Confidence Drivers

Throughout this report, numerous aspects of retirement planning and how the TSP can help support 

participant planning for a comfortable retirement have been examined. While functional attributes 

such as personal income and how close one is to retirement play a role in determining how confident 

participants are that they are on track for a comfortable retirement, there are a number of actions 

participants can do (and the TSP can support) to increase retirement planning confidence.

Overall, 54% of FERS TSP participants are confident they are on track to have a comfortable 

retirement. Gallup examined numerous participant perceptions, actions and statuses to identify 

which correlate to higher retirement confidence among participants. While the list is not exhaustive, 

analysis of the measured actions identified some which had very little positive or even negative 

relationship with a participant’s retirement confidence (e.g., not thinking about or having planned for 

retirement) and others which would significantly increase participant confidence compared with 

participants who don’t take the action (e.g., having an amount in mind needed for retirement or having 

an emergency fund).

Overall, the survey results show that the best thing for TSP participants to do (and TSP to encourage) 

is for participants to be engaged in their financial practices and retirement planning. This starts with 

thinking about retirement planning needs early and having an idea of how much they will need for a 

comfortable lifestyle throughout retirement. Participants who have an idea of how much they will 

need in retirement are 2.7 times more confident (82% confident) than those who don’t have 

an idea (30% confident). 

Aside from just contributing to a retirement savings account, participants need to be actively 

engaged in managing their retirement accounts. Money management practices play an important 

role in driving confidence among participants. The more engaged they are and the more actions they 

take, the more confident participants are. Being engaged means taking actions like tracking 

savings/investments, managing accounts (either alone or with an advisor), making account 

adjustments when appropriate and meeting regularly with a financial advisor. 

TSP participants who track their savings and investment totals are 2.0 times more confident (73% 

confident) that they will have a comfortable retirement than those who do not take part in this money 

management practice. Participants who manage investments and make allocation adjustments are 

1.6 times more confident (74% confident) than those who do not. TSP participants who say they 

regularly meet with a financial advisor are 1.5 times more confident (78% confident) that they will 

retire comfortably than those who do not meet with a financial advisor. Finally, participants who pay 

themselves first, or put money into savings before discretionary spending, are 1.4 times more 

confident (67% confident) that they will retire comfortably than participants who do not perform this 

money management practice.
18

F I G U R E 1 4 .

How confident are you that you are on track to have sufficient income in retirement/have already saved 

enough to support a comfortable lifestyle throughout your retirement?

Percentage confident in comfortable retirement

Average FERS TSP participant Times more 

confident if do

Money management practices

Track savings and investment totals 2.0X

Manage investments/make adjustments 1.6X

Regularly meet with financial advisor 1.5X

Pay yourself first (put money into savings) 1.4X

Have idea of how much money need in retirement 2.7X

54%

% Confident When Using Practice % Confident When Not Using Practice

48%

52%

47%

37%

67%

78%

74%

73%

30%

82%
19

Key Findings 

Survey results from the 2023 FERS Financial Wellness survey yield insights into areas that FRTIB 

should consider to better meet the retirement planning needs of FERS plan participants.

The Agency values participant input and is continually striving to enhance plan features and 

the participant experience. 

Financial Confidence

• Over half of participants (54%) are confident they are on track to have saved sufficiently for 

retirement, while the balance are not confident or unsure. Participants who are separated 

and employed are less confident that they are on track than they were in 2020.

• About half of participants have an estimate of how much they need in retirement, while twothirds of retired participants and over one-third of mid-career participants have an estimate 

of how much they will need. 

Retirement Planning

• About four in 10 participants report having private savings/investments to provide additional 

retirement income. Thirty-five percent have retirement plans or stock ownership from a 

previous employer.

• Key drivers of participant confidence in retirement are having an idea of retirement savings 

needed and practicing multiple money management practices. 

Financial Planning Practices

• Participants indicate enhanced retirement savings and decumulation calculators will be 

most useful to them in making retirement-related decisions.

• Over two-thirds of participants generally think about retirement income as a monthly or 

annual amount, as opposed to a total balance amount or percentage of final income.
20

APPENDIX A: Methodology

Sample design

Gallup employed a stratified sample design to meet the objectives of the FRTIB Financial Wellness 

Survey to reach a representative sample of participants from the FERS based on the population as of 

mid-2023. The primary goal of the sample design was to increase the Agency's understanding of 

participants' perceptions of their retirement planning readiness and how TSP can support improved 

readiness. The TSP FERS participant pool2 was used as the sampling frame. The total of 657

returned surveys (paper and online) resulted in an overall response rate of 13%. The total sample 

was allocated optimally across different strata (career stage by active/separated and email/no email 

availability) to ensure adequate sample size for different groups and subgroups of interest to FRTIB. 

The main steps of the sampling process follow.

Sample stratification

FRTIB set the overall sample size of 5,000. The sample design included disproportional stratified 

sampling across three career stages based on expected response rates of respondents by the level 

of available contact information (if email was available) and work status.

The career stage of participants is of special interest to FRTIB as thought patterns, preparations and 

retirement savings are thought to differ by these groups which were chosen as the primary 

stratification variables. Career stage sampling encompassed all participants (both active and 

separated), not just those who were still working. Furthermore, within each of these populations

(primary strata), additional stratification was used to ensure sufficient sample sizes for different 

subgroups of interest, primarily employment status (active/separated) and email availability (as 

response rates have been found to be three to four times higher among participants with email 

addresses as these participants are more likely to have registered on the TSP website and receive 

multiple communication points for the survey). Thus, the substrata were further stratified by the 

availability of email contact information in the FRTIB database.

Sample allocation

Gallup carried out sample allocation across different strata and substrata while keeping in mind the 

sample size requirements at different levels. Instead of allocating the sample proportionally across 

strata (i.e., assigning sample size based on the size of strata), Gallup determined it was necessary to 

use disproportional sample allocation across strata and substrata to ensure a minimum sample size 

for each stratum and substratum and to achieve the highest response rate possible given known 

participant information. Gallup took into account the expected response rates derived from past TSP 

surveys to determine the sample size to be assigned at different levels, with a higher sample 

selection of participants with email addresses.

Table 2 provides the sample size and the corresponding number of completed surveys for the three 

primary sampling strata (or populations). Respondents who returned a survey with all missing data 

have been excluded from the table. 

2 While FRTIB still has participants in the Civil Service Retirement System (CSRS), that participant base represents a 

small (about 3%) and diminishing proportion of participants, and as such was not included in this survey.
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T A B L E 2 . S A M P L E S I Z E A N D N U M B E R O F C O M P L E T E D S U R V E Y S 

B Y C A R E E R S T A G E

Career stage Total sample size

Number of 

completed 

surveys

Response rate 

(%)

Total 5,000 657 13

Early career (Under age 35) 1,250 77 6

Mid-career (Age 35 to 49) 1,650 167 10

Late career (Age 50 or older) 2,100 413 20

Sample selection

Sampling was carried out independently within each sampling stratum and substratum. Once Gallup 

finalized the sample size to be allocated to a particular substratum, FRTIB staff selected a simple 

random sample of the specified size that was drawn from each substratum and sent to Gallup for 

processing. The probability of selection was, therefore, the same for all cases within a substratum. 

Data collection

Completed surveys were collected June 1-18, 2023.

Data collection involved a multimode invitation (email and mail) and survey mode (web and paper)

protocol. On June 1, 2023, Gallup mailed a postcard with the survey URL and sent web invitations to 

those that had an email address. On June 7, each participant was mailed a survey packet in a flat 

envelope that contained a cover letter and a four-page color survey booklet asking participants to 

complete and return the survey back to Gallup.

Gallup also sent eight email reminders to all participants with email addresses who had not yet 

completed the survey. Those email reminders were sent on the following dates:

• Reminder 1: June 7

• Reminder 2: June 14

• Reminder 3: June 21

• Reminder 4: June 28

• Reminder 5: July 5

• Reminder 6: July 10

• Reminder 7: July 12

• Reminder 8: July 14

• Final reminder: July 17

Gallup scanned received paper surveys throughout the field period, combined the information with 

completes from the web and provided weekly response rate reports to FRTIB. At the end of the 

survey field period, Gallup scanned all final paper surveys and processed the combined data. In 

cases where a respondent completed both a mail and web survey, the data from the web survey was 

retained and the mail survey data was not included in the data set. After removing surveys based on 
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nonresponse, less than 25% of responses answered or multiple modes returned, 657 participants 

provided non-missing, usable survey data. 

Sixty-two percent of respondents completed the survey via web and 38% of respondents completed

the survey via mail.

Weighting of sample data

Sample data were weighted to minimize bias in sample-based estimates. The final weight assigned to 

each respondent in any substratum was equal to the ratio of (i) the total number of participants in that 

substratum and (ii) the number of completed surveys obtained from that substratum. The weighting 

process corrected for (i) unequal probability of selection across substrata and (ii) unit-level 

nonresponse or the failure to obtain participation from the sampled respondents. Using the final 

weights, the results obtained from participants within a substratum can be projected to all participants 

of that substratum. Data were weighted by the following strata:

• career stage

• employment status

• email availability

Ignoring design effect, the margin of error associated with the estimate of a population proportion (P) 

for the three career groups combined (n=657) is roughly ±3.8 at the 95% level of confidence. The 

margin of error after taking into account estimated design effects due to disproportional sample 

allocation will be around ±4.3.

The precision of estimates for any subgroup will depend on the number of completed surveys 

obtained for that subgroup. As shown in Table 2, the numbers of completed surveys for the three 

career stages are 77, 167 and 413, respectively. Ignoring design effect, the margin of error 

associated with estimates of a population proportion (P) for the three career groups, for example, will 

be roughly ±11.2, ±7.6 and ±4.8, respectively, at the 95% level of confidence. The corresponding 

values of margins of error after taking into account estimated design effects due to disproportional 

sample allocation will be around ±12.7, ±8.6 and ±5.5, respectively, for the three career stages. In 

order to account for design effect in the calculation of margins of error for the three subgroup (career 

stages), an estimated design effect (1.29) at the overall level was used. The value of the overall 

design effect was estimated based on sampling weights and using Kish’s approximation formula for 

calculating design effects (Kish, Leslie (1965), Survey Sampling, New York, John Wiley & Sons, Inc.). 

Profile of plan participants

Similar to the participant satisfaction survey in 2023, FRTIB employed a disproportional, stratified 

sample design to ensure a sufficient sample size of key target groups. As noted, the data were 

weighted poststratification by demographics and plan characteristics to reflect the known population 

profiles of the TSP's participant groups. Thus, the weighted profile of respondents is an accurate 

depiction of TSP FERS plan participants.
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T A B L E 3 . F E R S P A R T I C I P A N T S B Y E M P L O Y M E N T S T A T U S

Federal employment status Number of completed surveys Percentage of surveys

Separated 218 33%

Active 439 67%

Total 657 100%
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APPENDIX B: 2023 Active Participant Survey
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26
27
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APPENDIX C: 2023 Separated Participant Survey
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30
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