Pension Calculator
Estimate your pension benefit using service years, salary averages, and plan multipliers.
Service details
Salary inputs
Plan formula
Pension formulas
1. Base pension formula
Annual pension =
Final average salary
× Service years
× (Multiplier ÷ 100)
2. Early retirement reduction
Adjusted pension = Base pension × (1 − Reduction % ÷ 100)
3. COLA projection
Pension_with_COLA = Base pension × (1 + COLA %)^(years)
The calculator applies these formulas to estimate your pension income at retirement.
Understanding your pension estimate
Pensions provide guaranteed income in retirement. This calculator helps you estimate how much you may receive based on your plan’s formula.
Key drivers of pension size
- Years of service — more years increase the benefit.
- Final average salary — often based on your highest‑earning years.
- Plan multiplier — determines how much each year of service adds to your pension.
- Early retirement reductions — retiring before full eligibility can reduce benefits.
- COLA adjustments — some plans increase payments over time to offset inflation.
Worked example
Suppose you retire at 65 with 30 years of service, a final average salary of $85,000, and a plan multiplier of 1.8%:
- Base pension = 85,000 × 30 × 0.018 = $45,900 per year.
- If you retired early with a 10% reduction: 45,900 × 0.90 = $41,310.
- If your plan includes a 2% COLA for 20 years: 45,900 × (1.02)^20 ≈ $68,100.
Use this estimate to understand how your pension fits into your broader retirement income plan.
Frequently Asked Questions
Does this include Social Security?
No. This calculator focuses solely on pension income. Combine it with Social Security estimates for a full retirement picture.
What if my plan uses a different formula?
Pension formulas vary. Some use different multipliers, salary averaging periods, or service caps. Adjust inputs to approximate your plan.
Can I export the projection?
Yes. Use Export CSV to download your pension projection with COLA adjustments.
Does this model survivor benefits?
No. Survivor options typically reduce the base pension. Check your plan’s documentation for details.
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Information on this site is for educational purposes only and is not financial, tax, or legal advice. Calculations are estimates and may not reflect actual results. See our Privacy Policy and Disclaimer.