For anyone who has elected to take the 30 year CSB, how long after your 15 year anniversary did it actually get deposited in the bank? Also, is there anywhere you can check the status of when it will be deposited? Thanks in advance!

First off, your not going to see 30K in your account. More like $21,600. There is still time to change your mind, especially if you plan to retire. Unless I am destitute and panhandling for cigs and Cup O'Soups, I will not be taking this raw deal.
Didn't this get discussed already. Dejavu.

As MC wrote before, probably not before 1SEP. Can your husband ask his SPO?

Or perhaps vuja de...

The feeling that I've never been here before.

The CG has up to 3 months to make the deposit in your account after the day you rolled 15. I was informed that it also depends on how soon you started your paper work. The earlier the better. I had my paper work done several months in advance. My 15 yr mark was June 22 and recieved payment July 31. I was also informed that payment is usually sent end of month and not mid.
EM1

cgwife00,

Since this your second post on the CSB in less then two weeks, I assume that you are fairly anxious to receive it. In addition to the posts, I'm considering your comments that you want to know when you'll get it, as well as being able to check its deposit status.

As some who is vehemently against this program, I'm genuinely interested in why someone would accept it. I know there is a tiny fraction of recipients who have banked it, or perhaps bought property. Good for them.

However, why would someone want roughly twenty-thousand dollars, and be willing to mortgage the rest of their life for it? If it's to pay bills, are the bills so insurmountable that you will spend the next twenty, thirty, forty, or perhaps fifty years paying them off? Apparently you are willing to pay back hundreds of thousands of dollars for that twenty-one or twenty-two thousand dollars?

Twenty-thousand dollars is a pittance in the big scheme of things. You could amass $20,000 between your fifteenth and twentienth year by saving about $150 a paycheck...even less if you include part of a tax refund each year. You'd amass even more by increasing your monthly savings, and/or including saving part of each tax refund.

In so doing, you wouldn't see a 20% IMMEDIATE cut in your pension if you retire at twenty years.

For your sake, I hope you've got a financial planner who will be banking every penny of your bonus. Otherwise, I'd be interested in why someone would take out a loan they will never be able to repay.

A dead horse can eventually be paid off. This can't.

If CBS is such a bad deal why does it exist? I know nothing about it, just asking.

quote:

Originally posted by Shallowwater:
If CBS is such a bad deal why does it exist? I know nothing about it, just asking.

OK, not to bash you - but have you ever heard of a little building called CONGRESS? duh! It exists soleley becuase it is a BAD FREAKIN deal for the service member, but a GREAT deal for the government. They dangle some cash in front of you to get you to make a rash, unreasoned decision. If it was a good deal for the member, it would be a bad deal for the budget (ie Congress).

WOW!!! Thanks for going out of your way to explain that. Now I really understand it.

Speaking of the CSB...

http://www.military.com/features/0,15240,173719,00.html?wh=news

Another excellent - and timely - article by Tom Philpott. Who served in the Coast Guard, by the wa.) His article simply hurts when you read it. Love the comment that CSB is a good idea if you think you'll die right after retiring.

Doesn't that sounds like a resounding endorsement!

Now I understand it better. Thanks Brian

That article really puts things in perspective.
Also, I learned something new. I did not know that you have to commit for full 20yrs to be able to receive the CSB.
I will definitely not be taking this "deal" in 6yrs, and I will encourage everyone I know to do the same.

I took the CSB, however 2 years later a divorce took all the money. In my opinion if you plan on staying in for 25 years, take the money pay off all your bills, then save the money you were paying the bills with.

Can someone please explain why this is a bad deal if you stay for 30 years? I've gone to the CNA website, plugged in my numbers, and according to that it's not a bad deal until age 67, and even then with half of the 22,000 invested I still make a better return on the investments I have already, then I would if I stayed with the high-3 (up until 79 years, which is the ave life expectancy that CNA submits). Just trying to get an objective opinion here. It just seems to me that, if you only stayed for 20 or 26 years, yes it's a bad idea. Definately if you only stay for 20! That would not be smart. But if you stay for 30....I don't agree. Especially after crunching the numbers for me at least.

Just my opinion

How can you say without a doubt, you will be in for 30yrs? Most of the Coasties I know who are over 20, can't say that with certainty.
I invest aggressively, but I doubt I would able to make up the losses through investing. If you don't need it now, why take it?

According to all the post weather you need it now or not should'nt even be an issue. Everyone is saying you should'nt take it no matter what. All I want to know is why, if you stay for 30 years, is it a bad idea? Especially if you invest at least half of the bonus.

I know nothing is ever for certain, but if you want to stay for 30, there's no reason you can't

I'm not even saying I'M going to take it...I still have a year to decide.

Actually, I think you should take it.
I am a female, and will probably live 20+ yrs longer than most of my male counterparts, so it doesn't make sense for me.
If I take $21.6K now, I would loose about 288K over the course of my life. Possibly more, when taking inflation into account.
I would take it however, if I was able to put the full amount into my Roth IRA; which is capped at 5K annually.

WOW!! That's what I call planning ahead

Sometimes I'm not even sure what I'm doing tomorrow, let alone 40 years from now. BUT, on the other hand, good planning is a sound practice.

Everyone needs to look at ALL the options, talk with a financial advisor, and make the decision that in the end is good for YOU.

What do you mean you don't think past tomorrow?
I thought you said you are planning or thinking about doing 30yrs?
Personally, I have not decided anything past 20yrs. But that is 11yrs away for me, so I have some time to decide.

that's why I also said..BUT, good planning is a sound practice

I cant believe there are people taking this money. The CSB has to be the biggest rip-off in military history.