Continuation pay is a direct cash payout, like a bonus, available to service members enrolled in the Blended Retirement System (BRS). It is targeted at the mid-career mark, payable between completion of eight years of service, but before completion of 12 years of service (calculated from a service member's Pay Entry Base Date). Most service members will be eligible for continuation pay, but the timing and the amount is determined by your service.

Retired Reserve Service members are not eligible for Continuation Pay. 

The Blended Retirement System (BRS) Continuation Pay Fact Sheet:
https://militarypay.defense.gov/Portals/3/Documents/BlendedRetirementDocuments/Fact%20Sheet-Continuation%20Pay.pdf

Blended Retirement System (BRS):
https://militarypay.defense.gov/BlendedRetirement/

Continuation Pay (Blended Retirement System) Request Form (CAC required):
https://www.milsuite.mil/book/community/spaces/apf/s1net/retirement-services/blended-retirement

Continuation Pay Financial Literacy resources:
https://www.financialfrontline.org/soldier/continuation-pay/