As the title says I’m eligible for a re-enlistment bonus anywhere from $42,000-$48,000 come this January. I would get half up front and taxed federally but not state since I’m military.
After crunching the numbers I would be taxed anywhere from 25-28 percent which seems to be the norm. I’m realistically looking at anywhere from $16,000-$19,000 and change up front. I plan to put at least $5k into savings and spend a little on myself because this is the first time I’ve ever been eligible and want to enjoy it. The rest of the money I would get each year in installments over the course of my enlistment. So I would have more coming to me each year.
Since I’m not sure yet how much I’d have left over to invest what should I do with $5-$10k? I already invest 15% into my TSP each month so I’m contributing to my retirement and have been for 6 years now. I could put it into my TSP but I’d rather take the money and put it into something that will grow a little faster. I’m okay with a little-moderate risk and don’t mind short term or even semi-long term investment. But I’m not looking to wait till I’m 60 to collect.
Any suggestions?
Thanks.
Submitted July 21, 2018 at 11:10AM by Ellijah92 https://ift.tt/2O8p1qX
