How TSP L Funds work
Each Lifecycle (L) Fund is a ready-made mix of the five individual TSP funds (G, F, C, S and I), built for people who expect to start withdrawing around a target year. The mix is rebalanced at the end of every trading day, and every quarter it shifts a little toward the G and F Funds, following a set "glide path." When an L Fund reaches its target date, it's rolled into the L Income Fund.
Which one to pick: tsp.gov matches each L Fund to a birth year or the year you plan to start withdrawing. Born between 1985 and 1989? tsp.gov points you to L 2050. Born before 1965, or already withdrawing? L Income.
See today's prices for every L Fund on the TSP funds page.
Which L Fund fits your birth year
| Fund | Born | Or plan to start withdrawing |
|---|---|---|
| L Income | Before 1965 | Before 2028, or already withdrawing |
| L 2030 | 1965–1969 | 2028–2032 |
| L 2035 | 1970–1974 | 2033–2037 |
| L 2040 | 1975–1979 | 2038–2042 |
| L 2045 | 1980–1984 | 2043–2047 |
| L 2050 | 1985–1989 | 2048–2052 |
| L 2055 | 1990–1994 | 2053–2057 |
| L 2060 | 1995–1999 | 2058–2062 |
| L 2065 | 2000–2004 | 2063–2067 |
| L 2070 | 2005–2009 | 2068–2072 |
| L 2075 | After 2009 | 2073 or later |
From the "Who should invest" section of each fund's page on tsp.gov, checked October 23, 2026. L 2075 launched and L 2025 rolled into L Income on June 30, 2025.
How much stock an L Fund holds right now
| Target mix | G Fund | F Fund | C Fund | S Fund | I Fund | Stock funds (C + S + I) |
|---|---|---|---|---|---|---|
| L 2055, October 2026 | 0.57% | 0.43% | 51.48% | 12.87% | 34.65% | 99.00% |
| L 2030, October 2026 | 41.73% | 5.77% | 27.30% | 6.82% | 18.38% | 52.50% |
| Either fund at its target date | 64.75% | 5.25% | 15.60% | 3.90% | 10.50% | 30.00% |
Target allocations from tsp.gov's L 2055 and L 2030 pages, checked October 30, 2026. They change every quarter.
In October 2026, L 2055 is almost all stock, L 2030 is about half stock, and both end at 30% stock when they reach their target dates (July 2055 and July 2030, according to tsp.gov).
The glide path
- Far from the target date, an L Fund holds mostly stock funds (C, S and I), which have historically grown more over long periods but swing more along the way.
- Every quarter, the target mix of every L Fund except L Income moves a step toward the G and F Funds, which change less in value.
- At the target date, the fund's mix matches L Income's, and it's rolled into L Income, which generally keeps the same target allocation.
The table above shows two funds; tsp.gov publishes the current mix for each one.
Why L Funds move differently from each other
On any given day, an L Fund's move is roughly the weighted average of the individual funds' moves in its mix. Later-dated funds (like L 2070) hold more stock, so they rise and fall more; L Income holds mostly G and F, so it moves the least. That's why the daily briefing shows L Fund moves as a range.
What an L Fund doesn't do
- It doesn't know your retirement date. It follows the target year in its name.
- It doesn't adjust for your other savings, your pension, or other TSP money you hold outside it.
- It isn't guaranteed. Except for the G Fund portion, its value can fall.
Common questions
How do TSP L Funds work?
Each L Fund holds a mix of the G, F, C, S and I Funds chosen for a target year. It's rebalanced at the end of every trading day, and every quarter its mix shifts toward the G and F Funds as the target year approaches.
Which TSP L Fund should I choose?
tsp.gov matches each L Fund to your birth year or the year you plan to start withdrawing: born 1965–1969, L 2030; 1970–1974, L 2035; 1975–1979, L 2040; 1980–1984, L 2045; 1985–1989, L 2050; 1990–1994, L 2055; 1995–1999, L 2060; 2000–2004, L 2065; 2005–2009, L 2070; after 2009, L 2075. If you were born before 1965 or are already withdrawing, it points you to L Income.
How much stock is in the L 2055 Fund?
In October 2026, tsp.gov shows L 2055's target mix as 51.48% C Fund, 34.65% I Fund, 12.87% S Fund, 0.57% G Fund and 0.43% F Fund, so 99% is in the stock funds. At its target date in July 2055, it will be 30% stock.
What happens to an L Fund at its target date?
When its mix matches the L Income Fund's, it's rolled into L Income automatically. tsp.gov says L 2030 will roll into L Income in July 2030. L 2025 became part of L Income on June 30, 2025.
How often do L Funds change their allocation?
Every L Fund except L Income gets a new target mix every quarter, and every fund is rebalanced back to its target mix at the end of every trading day.
Which is the newest L Fund?
L 2075, launched June 30, 2025, for people born after 2009 or expecting to withdraw in 2073 or later.
Sources
- tsp.gov: What is a lifecycle fund?
- tsp.gov: L 2055 and L 2030 fund pages (target allocations)
- tsp.gov: Upcoming changes to two Lifecycle Funds
- FedSmith: New glide path drives the direction of TSP L Funds
Educational information, not investment advice. Past performance does not guarantee future results.