Retirement planning can be started at any age. The earlier start an individual has in planning his/her retirement planning, the better chances there are of an efficient retirement back-up. Planning for retirement helps an individual in the following ways.
- It is the tax favored way of setting aside money during the working years for retirement.
- It reduces taxable income in the years that the individual has contributed.
- It provides an estimate of the income during the retirement years.
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