MIL SRB question.

Discussion in 'On Topic' started by LTJfan513, May 19, 2007.

  1. LTJfan513

    LTJfan513 New Member

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    If I reenlist now my SRB will be about $38k before taxes. How do the payments end up working out? I'm Navy BTW.


    Thanks in advance.
     
  2. jjski78

    jjski78 New Member

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    Take 24% off for taxes, then divide by two. That's your first payment. Then divide the remainder by how many years you reenlist for, and that's your yearly installment.
     
  3. MrRyan

    MrRyan Gary Johnson 2016 OT Supporter

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    so $38k - 24% = Amount he should be putting into Mutual Funds or TSP
     
  4. jjski78

    jjski78 New Member

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    Yeah, that would be a good option. The wife and I are using her $60k bonus to pay off our vehicles. Maybe not as good of an option, but then we'll have an extra $900/month to put into an IRA. And we'll be debt free other than our mortgage.
     
  5. Jyokker

    Jyokker The trouser snake is very aggressive. It will corn

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    Unless your loans are more than 18% combined, you would do better putting it in the TSP in the S and I funds.
     
  6. jjski78

    jjski78 New Member

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    Yeah, but we're gonna open an actual IRA through our bank. I just don't find the TSP to be worth it. It's a nice gesture on the military's part, but like many of their programs, it's a little half-hearted. Besides, my wife already contributes to TSP, and I have a mutual fund. But since we have a new baby on the way, getting rid of the car payments is gonna be a big help. To each his own though. Some people are really happy with TSP, something is better than nothing. And an extra $900/month savings from car payments, and about $800/month from the credit cards we're paying off, is a huge help. And the feeling of being debt free is better than anything else. Now if we could get the government to reimburse us for fuel costs.....BAF anyone??
     
  7. Jyokker

    Jyokker The trouser snake is very aggressive. It will corn

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    Good luck finding a mutual fund that will return at 26%, have insanely low fees, and no minimum investment.
     

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