Martin Lewis issues urgent pension warning
Money saving expert Martin Lewis appeared on ITV's This Morning and gave viewers an urgent warning about starting a pension plan. Martin Lewis assured viewers that they must "start early".
He said "the earlier you start, the better, because the more time your money has to grow." On his money saving website, he adds: "The basic advice with pensions is to put in as much as possible as early as possible".
He uses an equation to work out how much you should be putting in your pension. He said: "Take the age you start a pension and half it. Then aim to put this % into your pre-tax salary into your pension each year until you retire".
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The ITV presenter Cat Deeley, 48, was used as an example. Martin joked: "Say if you are 32, what's half of that, 16. So you should be putting 16% into your pension. However, hardly anyone can do this. So, the earlier you start it the better."
On Martin' podcast, he said: "It's never too late but the earlier you start the better."
More information can be found on his website, click here.