Very interesting idea! I believe in giving back to the elderly and this idea of awarding scholarships for the elderly. How can financial services provide the funding for these scholarships or what can be some key first steps to get this started?
Well some steps individuals can take to ensure that they make the right decision early enough in life includes: First, starting early enough, based on my research, individuals said the best time to make this decision is in one's early 30s or even prior to their 30s. Second, when an individual is actively pursuing a job, they have multiple offers with each job offer giving distinct benefits. Therefore, I would recommend talking to an experienced individual to see how much you are actually being benefited, if anything try to calculate how much more you will receive in the long term. Third, look into retirement plan savings or funds, this can easily make the retirement costs not be so excessive. Also, an individual can try to max out their IRAs and contributions for employee-sponsored retirement plans to reap the full tax benefits available to you. For example, put your money into 401(k) early!