Military Officer - October 2007 - (Page 12)

fromthepresident Be Prepared Paying for college, whether for children or grandchildren, often takes long-term planning. MOAA offers tools that can help — including a 529 savings plan for military families. F unding the college education of your children or grandchildren can be an important consideration for your long-range plan. For almost 60 years, association members have contributed to The Scholarship Fund of MOAA, and your donations have helped more than 10,000 children attend college. But each year, the fund is forced to turn down highly qualiﬁed children from military families. That’s why MOAA keeps looking for new strategies to help military children — and grandchildren — ﬁnance their college education. We’ve added a scholarship ﬁnder to MOAA’s Web Base (www.moaa.org/scholarshipﬁnder) to help military families locate additional college-funding sources, and September’s Military Ofﬁcer included a special supplement reviewing college-savings options. Now MOAA has partnered with The Vanguard Group for a college-savings plan, known as a 529 plan, that’s available to the entire military community through MOAA. The concept behind a 529 plan is simple: It’s a college-savings plan that earns tax-free interest and grows over time. The money is not taxable when it is used for education. Most states offer 529 plans, and they’re not all the same, with different management fees, investment options, and opening-deposit requirements. In addition to Vanguard’s rock-solid investment reputation, there are two other advantages to MOAA’s 529 plan. First, all military personnel, ofﬁcer and enlisted 12 MILITARY OFFICER OCTOBER 2007 alike, can begin a Vanguard plan through MOAA’s Web Base, www.moaa.org/529, for only $50 (versus the standard opening deposit of $3,000). And second, Vanguard has some of the lowest management fees around. Setting up an account is easy. There are a variety of funds from which to choose, including an agebased plan that automatically moves your investment between funds, reducing the level of risk as the beneﬁciary approaches college age. MOAA included enlisted personnel in this program because we think all who serve or have served in uniform should receive the beneﬁts of this terriﬁc program. Yet less than 20 percent of households with children currently take advantage of a 529 plan. We’re very serious about seeing this program grow and become a valuable tool for military families — so serious that MOAA receives no monetary royalties from it, an example of our belief in servant leadership. Take a close look at MOAA’s 529 plan. Whether you have children, grandchildren, or even great-grandchildren, we think you’ll ﬁnd it’s a winner. — Vice Adm. Norb Ryan Jr., USN-Ret. PHOTO: STEVE BARRETT http://www.moaa.org/529 http://www.moaa.org/scholarshipfinder

Table of Contents Feed for the Digital Edition of Military Officer - October 2007

Military Officer - October 2007 Contents From the Editor From the President Your Views MOAA Directory Rapid Fire Washington Scene Financial Forum Ask the Doctor Chapter Activities Cover Story: A Hero's Welcome? Partners in Patriotism Tales from Beyond the Battlefield Financial Results of MOAA Pages of History Information Exchange Faces of MOAA Member Books MOAA Scholarship Donors Advertising Index MOAA Member Services MOAA Calendar Sounding Taps Encore

Military Officer - October 2007

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