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Content provided by Spencer Reese from MilitaryMoneyManual.com. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Spencer Reese from MilitaryMoneyManual.com or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://podcastplayer.com/legal.
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Continuation Pay Calculation & Timing With BRS & TSP With Brandon Lovingier, the Enlisted Money Guy #128

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Manage episode 422922930 series 3457189
Content provided by Spencer Reese from MilitaryMoneyManual.com. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Spencer Reese from MilitaryMoneyManual.com or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://podcastplayer.com/legal.

For a limited time, Spencer is offering one-on-one Military Money Coaching sessions! Get your personal military money and investing questions answered in a confidential coaching call.

Confused about continuation pay? Join the club. Unfortunately, too many servicemembers and their leaders are confused about the continuation pay benefit in the BRS. In today's episode with Brandon Lovingier, ChFC®, MQFP® aka The Enlisted Money Guy™, we share all you need to know to understand the benefit.

For active duty, it's currently:

  • 2.5 times your monthly base pay in either a lump sum or up to 4 equal, annual payments.

For example, a monthly base pay of $4,252 x 2.5 = $10,630 bonus or $8,684 monthly base pay x 2.5 = $21,710 bonus (pre-tax)

Other important points from the episode:

  • When am I eligible for continuation pay?
  • Does it come automatically?
  • Does the program vary by service?
  • How does the payment come to me?
  • Does it reduce my pension?
  • What is the service commitment after taking the bonus?
  • Does it impact my eligibility for other bonuses like a re-enlistment bonus or aviation bonus?

Links discussed:

Our new TSP course is live! Check out the Confident TSP Investing course at militarymoneymanual.com/tsp to learn all about the Thrift Savings Plan and strategies for growing your wealth while in the military. Use promo code "podcast24" for $50 off. Plus, for every course sold, we'll donate one course to an E-4 or below- for FREE!

If you have a question you would like us to answer on the podcast, please reach out on instagram.com/militarymoneymanual or email [email protected].

If you want to maximize your military paycheck, check out Spencer's 5 star rated book The Military Money Manual: A Practical Guide to Financial Freedom on Amazon or at shop.militarymoneymanual.com.

I also offer a 100% free course on military travel hacking and getting annual fee waived credit cards, like The Platinum Card® from American Express, the American Express® Gold Card, and the Chase Sapphire Reserve® Card in my Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3.

Learn how to get your annual fees waived on premium credit cards from American Express in the Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3.

The Platinum Card® from American Express and the American Express® Gold Card waive the annual fee for active duty military servicemembers, including Guard and Reserve on active orders over 30 days. The annual fees on all personal Amex cards are also waived for military spouses married to active duty troops.

  continue reading

178 episodes

Artwork
iconShare
 
Manage episode 422922930 series 3457189
Content provided by Spencer Reese from MilitaryMoneyManual.com. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Spencer Reese from MilitaryMoneyManual.com or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://podcastplayer.com/legal.

For a limited time, Spencer is offering one-on-one Military Money Coaching sessions! Get your personal military money and investing questions answered in a confidential coaching call.

Confused about continuation pay? Join the club. Unfortunately, too many servicemembers and their leaders are confused about the continuation pay benefit in the BRS. In today's episode with Brandon Lovingier, ChFC®, MQFP® aka The Enlisted Money Guy™, we share all you need to know to understand the benefit.

For active duty, it's currently:

  • 2.5 times your monthly base pay in either a lump sum or up to 4 equal, annual payments.

For example, a monthly base pay of $4,252 x 2.5 = $10,630 bonus or $8,684 monthly base pay x 2.5 = $21,710 bonus (pre-tax)

Other important points from the episode:

  • When am I eligible for continuation pay?
  • Does it come automatically?
  • Does the program vary by service?
  • How does the payment come to me?
  • Does it reduce my pension?
  • What is the service commitment after taking the bonus?
  • Does it impact my eligibility for other bonuses like a re-enlistment bonus or aviation bonus?

Links discussed:

Our new TSP course is live! Check out the Confident TSP Investing course at militarymoneymanual.com/tsp to learn all about the Thrift Savings Plan and strategies for growing your wealth while in the military. Use promo code "podcast24" for $50 off. Plus, for every course sold, we'll donate one course to an E-4 or below- for FREE!

If you have a question you would like us to answer on the podcast, please reach out on instagram.com/militarymoneymanual or email [email protected].

If you want to maximize your military paycheck, check out Spencer's 5 star rated book The Military Money Manual: A Practical Guide to Financial Freedom on Amazon or at shop.militarymoneymanual.com.

I also offer a 100% free course on military travel hacking and getting annual fee waived credit cards, like The Platinum Card® from American Express, the American Express® Gold Card, and the Chase Sapphire Reserve® Card in my Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3.

Learn how to get your annual fees waived on premium credit cards from American Express in the Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3.

The Platinum Card® from American Express and the American Express® Gold Card waive the annual fee for active duty military servicemembers, including Guard and Reserve on active orders over 30 days. The annual fees on all personal Amex cards are also waived for military spouses married to active duty troops.

  continue reading

178 episodes

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