Although retirement may feel like a long time off for many of us, MoneySavingExpert.com founder Martin Lewis has hosted a special pensions edition of his weekly TV programme.
On Thursday night, Martin shared insight and advice on how to make the most of your cash now for a worry-free retirement later on his programme Money Show Live.
He focused on tips for private and company pensions, rather than UK Government-delivered State Pension due to time constraints on his 30-minute TV show.
The most crucial part of the show however is when he offered universal advice for everyone on how to work out the amount people should be paying into their pension annually.
Martin told viewers that he is often asked how much a person should save towards their retirement years and used the ages of three celebs - Dina Asher-Smith, 25, Rochelle Humes, 31, and Ben Shephard, 46 - to illustrate his answer.
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 contributions to their pension 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 aged 46, it would be 23 per cent for the rest of their life, the expert suggested.
Martin added: “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.'”
The Martin Lewis Money Show Live airs every Thursday on STV.
