Military Officer - June 2008 - (Page 27)

rapidfire ASKBUD I’m considering taking Social Security benefits before my full retirement age. Will that decision affect my spouse’s benefit amount if he or she waits until his or her full retirement age to draw Social Security? Yes. If you elect to draw Social Security benefits prior to your full retirement age, you will face a permanent reduction in benefits of between 20 percent and 30 percent, depending on your year of birth. At your spouse’s full retirement age, his or her benefits based on your earnings will be approximately half of your full retirement age amount. However, a spouse’s survivor benefits will be capped at a reduced amount because of your early receipt of the benefits. Rather than inherit your full retirement age benefit amount, your spouse will face a lifelong reduction in Social Security benefits. Keep in mind this reduction in survivor Social Security benefits is not the only factor to weigh when deciding whether to draw reduced benefits early or wait until the full retirement age, but it is a very important one. To learn more or to read a full explanation of when best to draw Social Security benefits, visit www.ssa.gov/planners/calculators.htm or contact your local SSA office. — Capt. Bud Schneeweis, USCG-Ret., is director of MOAA’s Benefits Information and Financial Education Department. W Headed to College? hether you are helping a child or grandchild, an infant or a high school senior, now is the time to start saving up to pay their college tuition, and MOAA is here to help. MOAA sponsors the Vanguard 529 College Savings Plan — the only military-friendly college savings plan — which provides servicemembers with high-value investment options, tax advantages, and the ability to start saving immediately. Beneﬁts include a minimum initial investment of only $50 (Vanguard will waive its $3,000 minimum initial investment for servicemembers), no enrollment fee, convenient online enrollment, and one of the lowest asset-management fees in the industry — a fee of 0.5 percent to 0.7 percent. A $20 annual maintenance fee will be waived once a servicemember’s account balance reaches $3,000. Sign up now at www.moaa.org/529. Miscellany: Flower Power NUTRITION NOTES: Flowers aren’t just for centerpieces anymore; they also make beautiful — and tasty — treats. Rear Adm. Joyce Johnson, USPHS-Ret., D.O., provides tips for adding edible flowers to your next meal at www.moaa.org/wellness. Just click on Nutrition Facts. * A ROLLERCOASTER RIDE: Anheuser-Busch is honored to salute U.S. servicemembers and their families. In 2008, members of the military and as many as three of their direct dependents may enter any one of Anheuser-Busch’s SeaWorld, Busch Gardens, or Sesame Place parks with a single-day complimentary admission. To learn more, visit www.herosalute.com. * MOAA ESSAY CONTEST: If you’ve got an opinion about a topic relevant to MOAA’s stated mission of preserving a strong national defense, we want to hear about it — in 500 words or less. For contest rules, visit www.moaa.org/essaycontest. Starting June 1, e-mail entry submissions to profseries@moaa.org. The deadline for submissions is July 31. PHOTOS: ABOVE, CORBIS; RIGHT, STEVE BARRETT JUNE 2008 * MILITARY OFFICER 27 http://www.ssa.gov/planners/calculators.htm http://www.moaa.org/529 http://www.moaa.org/wellness http://www.herosalute.com http://www.moaa.org/essaycontest

Table of Contents Feed for the Digital Edition of Military Officer - June 2008

Military Officer - June 2008 Contents MOAA Online From the Editor From the President Your Views MOAA Directory Rapid Fire MOAA Member Services Washington Scene Chapters in Action Financial Forum Ask the Doctor MOAA Scholarship Donors Cover Story: Mission to Modernize World War Web Playing to Win Fitness in Numbers Fighting Infection Pages of History Faces of MOAA Information Exchange Member Books Advertising Index MOAA Calendar Sounding Taps Encore

Military Officer - June 2008

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