Navy Re-Enlistment Bonus How do I recieve it in full?

Question

I know it Normally comes 50% and then the rest is paid out monthly for your re-enlistment. But there is a way to recieve it in full and that what I need. I have ALOT of bills I need to pay off. It would really be nice to re-build my credit!

Answer 1

sorry man, there is no way you can get your SRB (bonus) all up front. they will all come in installments. your 50% upfront will be the first installmentm then you will get an installment for each remaining october you have left in the navy (except for your last one). its the navy's insurance that you will complete your required service. the only bonus that is paid in full is the bonus for enlisting into the reserves, which tops out at $20,000. my advice would be to use what you got to pay off credit card debt or other creditors before you think about paying off a car. car debt is not as bad as those other ones i mentioned.

Answer 2

since I'm guessing it is over 20,000 there is no way to get it all at once.

Keep in mind that not ONLY are you only getting HALF of the total up front, they will also be taking about 28% for taxes too.

Take the money you DO get, and get caught up with all of your creditors.

After you are curent with all of the creditors, if there is anything left over THEN start by paying off the highest interest bill you have. If there is still some money left pay off the NEXT highest interest bill.

Keep doing that until there is no money left from your half up front.

Make a budget and STICK TO IT> then keep up on your payments to the rest of your creditors. Each year when you get the bonus installment, do the same thing all over again.

Just by bringing your accounts to curent rather than late or overdue, your credit will start to improve.

Paying them all off at once will not bring your score up any faster since the score not only looks at debt to credit ratio but it looks at the payment history as well and that will take time to improve.

Answer 3

If there is a bonus you will get it. There are very, very few ratings with a bonus these days. Bonus levels change all the time. There is no list that will be accurate. See your command's career counselor for the most recent information. A bonus is fully taxable. Normally, you receive 50% of your bonus at the time you reenlist and the other 50% prorated over the rest of your enlistment in yearly installments.

Answer 4

I would suggest that you talk to you PSs (Personnelman), because they take care of your paycheck. However, if I were you I would just wait to get it monthly for a couple of reasons.
First reason, you would be paying less tax if you received it monthly.
Second, receiving it monthly will teach you to learn about taking care of your finances, so that you can learn how to budget your spending and income.
Third and probably the most important. The less money you have from your bonus right now, the less you will spend it on things you don't need. Paying bills right away to build a credit will only put you in a crunch later down the way. Because if you spend your money paying all the bills right now, then you will have less money to spend the next time around and then you will get to another money crunch.
So, it is better for you to learn how to managed your budget.
However, to answer your question, go to your PSs and they will take care of it for you.

Answer 5

Each branch of the military has it's own process for paying enlistment bonuses. My son is a Marine and his was a shipping bonus... so he was in the Corps 18 months before he got his... but it came in one big check.

Answer 6

Rumor had it that if you re-upped in a war zone you got it all up front and all tax free. The tax free part is true but the all up front part isn't.

Answer 7

if it is over $20000, you will be getting it chunks. Half up front and the rest spread over the term of the Re-up yearly( NOT MONTHLY). if it is under, you will get it one lump sum, minus taxes.

That is the only way.