Paying into a pension may seem like a bit of a chore in our younger working years, but we know deep down that it will be worth it when we finally retire.
So it's extremely infuriating that one simple administrative mistake could cost us thousands in our penson.
Never fear - Martin Lewis is here to point out the error of our ways and offer an easy solution.
Martin Lewis told viewers of ITV's Good Morning Britain that they could lose a lot of money after the dangers of having the wrong retirement date set up were revealed, MirrorOnline reports.
"Millions could be affected and could potentially lose out on thousands of pounds because they have the wrong retirement age," the Money SavingExpert.com founder said.
The problem comes because retirement savings don't work quite like a standard savings account.
Stocks and shares affect the money you pay into your pension, so 15 years before you are due to take your pension the money is put into a lower risk plan.
This is to ensure the date you take your pension doesn't coincide with a dip in the market.
"But if your retirement age is set wrong then you move into these lower risk funds too early - usually 15 years before you're due to retire," Martin said.
Aviva worked out that an average earner in their company's automatic enrolment pension could miss more than £4,000 in their pension pot by using a default retirement age of 65, but then actually retiring at 68 - the current state pension age for under-40s.
The good news is it's easy to both check and fix.
"Go to your scheme and check what your retirement age is, and if it’s wrong, change it. It's as simple as that," Martin said.
As to what age you should pick, it's simplest to choose the state pension age - unless you're confident you'll have enough to quit work early and live on your savings alone for a few years.
