Final answer:
Starting to invest early for retirement does not reduce the benefits of compound interest. The earlier you start contributing to your retirement plan, the more you will benefit from compound interest.
Explanation:
False: Starting to invest early for retirement does not reduce the benefits of compound interest. In fact, the earlier you start contributing to your retirement plan, the more you will benefit from compound interest.
For example, investing $3,000 at age 25 with a 7% annual rate of return can lead to significant growth over 40 years, showing the power of compound interest.
It is crucial to start saving for retirement early to maximize the growth potential through compound interest and secure financial stability in the future.
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