The tax exemption is given by the government. So, saving tax is not against the law. Moreover, nobody can legally save 100% of the tax that he/she has to pay. The monies that we invest in the various schemes is used by the government for development and that is the reason why we are given an exemption. When we are unmarried and young, our risk taking capacity is greater because as we age our salaries generally are going to increase. So this is the best time to invest rather than in the old age when we will be retired and won't be generating any income. So, contrary to what you mentioned, our need for money in the old age will be more critical because we won't be earning any thing. So start investing now and think of saving tax.
