Martin Lewis has revealed an easy way for people to work out how much they should be saving each year towards their retirement.
The Money Saving Expert explained all on his ITV money show last night which was focused on private and company pensions.
Martin told viewers that he is often asked how much a person should save towards their retirement years and used the ages of three famous faces - Dina Asher-Smith, 25, Rochelle Humes, 31, and Ben Shephard, 46 - to illustrate his answer - reports the Daily Record.
The financial journalist made it clear that he did not know if any of the celebrities have a pension, but advised that there is a rough calculator anyone of any age can do.
He said: "The rule of thumb is to get roughly two thirds of your final salary each year in retirement, you'd need to take the age you start contributing to your pension.
"Halve it, and put that percentage of your salary in for the rest of your life."
Putting the calculation into practice to work out how much athlete Dina Asher-Smith should save, co-host Angellica Bell crunched the numbers for a person beginning pension contributions at the age of 25.
The presenter pointed out that half of 25 is 12.5, to which Martin replied: "So 12 and a half per cent for the rest of her life."
For someone who is 31-years-old and beginning to start pension contributions now, the figure they would need to pay in under this guide would be 16.5 per cent for the rest of their life.
For someone aged 46, it would be 23 per cent for the rest of their life, the money-saving expert suggested.
Martin added: “I know what you're thinking. You're doing that equation for yourself and you're saying there is absolutely no way I could afford that. And you're right. Very few people do.
"But the real message I want you to get out of that is the earlier you start contributing to your pension, the better.
"The less of your salary you have to put in.
"If you know a 20/21-year-old, tell them, 'Get money in your pension now.'”
He encouraged everyone to start saving for their future and said: "Even £10 or £20 a month - because it's got time to compound and that will make you a much better retirement."
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Martin also urged every employee to make sure they are automatically enrolled into their workplace pension.
The Pensions Act 2008 makes it compulsory for employers to automatically enrol their eligible workers into a pension scheme, the employer must also pay money into the scheme.
However, only those aged 22 or over and earning more than £10,000 are automatically enrolled.
It is up to the employee to voluntarily opt-in, if they earn less than £10,000 or are under 22.
Martin urged young employees earning over £6,240 a year to join the scheme, as employers must contribute when you reach this pay level.
*The Martin Lewis Money Show Live airs every Thursday on ITV at 8:30pm
