Using the Pension Calculator
Use credited service rather than simply counting years since you joined an employer. Check whether the plan uses a career average, a final few years or another pay definition before choosing the salary input.
Worked example
Use the example inputs below to reproduce this result. These are the form's starting values, not recommended targets. Changing your inputs updates your result above; this worked example stays fixed for comparison. Results are rounded for display.
Example inputs
- Final average annual salary
- 60000
- Years of credited service
- 30
- Annual accrual rate (%)
- 1.5
Example result
- Annual pension
- 27,000
- Monthly pension
- 2,250
Method and assumptions
Final average salary × service years × plan multiplier. Excludes caps, early-retirement reductions, survivor options and COLA.
Use consistent assumptions over time
A retirement projection depends on when contributions or withdrawals happen, the rate used and the number of periods. Keep those assumptions visible when comparing scenarios. An amount expressed in future currency is not automatically equivalent to the same amount of purchasing power today. Tax treatment and account rules should be checked separately wherever the model does not include them.
Common question
Can I enter a monthly salary?
The field expects an annual salary measure. Convert monthly pay to the annual amount specified by the plan before calculating an annual pension and its monthly equivalent.
Guide updated .