Question

Provide one reason that it is important to start putting money away for retirement as early as possible.

Answer 1

One important reason to start putting money away for retirement as early as possible is the power of compound interest. When you invest money early, you not only earn interest on your initial contributions but also on the interest that accumulates over time. This compounding effect can significantly increase your retirement savings, allowing your money to grow exponentially over the decades, thus providing you with greater financial security in retirement.