On this page you can find all calculators available at Työeläke.fi. Use them to estimate various figures relating to your pension. The figures generated by the calculators are indicative.
Select your year and month of birth. The calculator will tell you when you can retire.
Your retirement age is the first possible age at which you can retire on an old-age pension. The retirement ages are estimates for persons born in 1965 and later.
Life expectancy is the average number of years that a person of a certain age is expected to live if mortality remains unchanged.
Because people are living longer, the life expectancy coefficient has been introduced. It reduces the monthly pension you receive. To offset the effect of the life expectancy coefficient, you need to work an additional length of time. This later retirement age is called your target retirement age.
Life expectancy is the average number of years that a person of a certain age is expected to live if mortality remains unchanged.
Use the pension calculator to estimate how much pension you will receive.
Your retirement age is the first possible age at which you can retire on an old-age pension. The retirement ages are estimates for persons born in 1965 and later.
Because people are living longer, the life expectancy coefficient has been introduced. It reduces the monthly pension you receive. To offset the effect of the life expectancy coefficient, you need to work an additional length of time. This later retirement age is called your target retirement age.
The pension is in the 2020 price level.
Retirement age
Your retirement age is the first possible age at which you can retire on an old-age pension. The retirement ages are estimates for persons born in 1965 and later.
Chosen retirement age
Check how your selected retirement age affects your estimated pension amount.
Your earnings-related pension has been adjusted with the life expectancy coefficient confirmed for the year in which you were born. The life expectancy coefficient adjusts your pension to changes in life expectancy.
In the calculator, your own wage grows each year according to the wage coefficient if you have selected the alternative in which the general income level grows. Your wage has been converted to the price level of the ongoing year.
This calculator will calculate the amount of your earnings-related pension. It doesn’t calculate your partial old-age pension or your disability or years-of-service pensions. If you are 55 or older this year, the calculator will also calculate the amount of your national and guarantee pensions, if you qualify for them. You can estimate your pension using this calculator if you were born between 1951 and 2002.
The calculator will calculate your pension based on the wage you’ve entered into it and the laws that are valid in 2020. To get an estimation that is as close to the truth as possible, enter the amount of your earnings-related pension pot that you’ve earned by the end of 2019. The amount is stated on your pension record. Your final pension cannot be calculated until just before you retire.
If you are a wage earner, your pension pot will start to grow as of age 17. If you are self-employed, the age limit is 18. The calculator will calculate your earned pension as of age 17 and under the assumption that you will not retire early. The calculator will calculate your pension to the age of 70 at the most, at which time you can no longer earn more pension.
The calculator calculates your pension under the assumption that the earned pension you have entered into it has been adjusted with the life expectancy coefficient and does not include an increment for late retirement. If you have already reached your retirement age, the pension you have earned may include an increment for late retirement.
Calculator’s assumptions on wage development and extended life expectancy
The calculator takes into account the general wage development in Finland, that is, the change in average wages of wage earners. The general wage development affects the pension amount through the wage coefficient. The wage coefficient used to adjust the pension to the level of the year in which you retire is calculated based on the general wage development and the development in prices.
You can select between two different future general wage developments The option in which the general wage and price level remains unchanged corresponds to the pension record’s baseline projection of your pension. The option in which the wage level grows corresponds to the Finnish Centre for Pensions’ baseline assumption in its long term projection. According to that baseline assumption, the earnings level grows, real term, by 1.5 per cent each year. The near-future economic outlook has been taken better into account in the calculator now than before.
Your own wage development is tied to the type of general wage development you have selected. The calculator assumes that your earnings grow each year in line with the wage coefficient. That is why your earnings grow slightly less than the average wages of wage earners since the wage coefficient takes into account 80% of the general growth in earnings.
The calculator gives your estimated pension in current prices. The euro amount thus reflects the effect of the wage coefficient adjustment and the growth of your own earnings on your pensions’ purchasing power.
The extended life expectancy that affects the projected retirement ages and life expectancy coefficient are based on the population forecast of Statistics Finland.
The assumptions used by the calculator regarding the life expectancy coefficient, the retirement age and the general earnings and price development are listed in this excel file.
Retirement age
Each birth year group has its own retirement age. The retirement age for those born in 1965 and later is based on the currently estimated life expectancy. The projection is based on Statistics Finland’s population forecast for 2019. Read more about how the retirement ages are determined
Earning a pension and age at when your insurance obligation ends
Your earnings-related pension pot grows by 1.5 per cent of your annual earnings. If you are between 53 and 62 years old, your pension pot will grow by 1.7% of your annual gross wages between the years 2017 and 2025. If you retire late (after you have reached your retirement age), your pension will be increased by an increment for late retirement (0.4% for each month that you retire late).
The age when you stop paying pension insurance and your pension pot no longer grows will rise from 68 to 69 (for those born between 1958 and 1961) and 70 (for those born in 1962 and after).
Life expectancy coefficient
When you retire, your pension pot will be adjusted with the life expectancy coefficient, which depends on your year of birth. The life expectancy coefficient for your age group will be confirmed when you turn 62 years. If you are younger than that, it is an estimate. The estimate is based on Statistics Finland’s population forecast for 2019.
Wage coefficient
When the amount of your starting pension is calculated, your income from work and self-employment during your working life will be adjusted with the wage coefficient to the level of the year in which you retire. The wage coefficient ensures that the pension you have earned during your working life retains its value. The wage coefficient takes into account 80% of the changes the index of wage and salary earnings and 20% of the changes in the consumer price index.
Kela pensions
You can get a national or guarantee pension from Kela if you have no or only a small earnings-related pension. Every euro of earnings-related pension that you get will reduce your full national pension by 50 cents until there is no national pension left to pay. Your national pension depends on whether you live alone or with a spouse. You get a guarantee pension if your total pension is below the full amount of the guarantee pension. Apart from the earnings-related pension, the calculator does not take into account other pensions that may affect your national or guarantee pension.
All components of your earnings-related pension do not reduce your national pension. The increment for late retirement does not reduce your national pension, but the calculator takes all other components of your earnings-related pension into account as factors reducing your national pension.
In the national pension scheme, the retirement age is 65 years. As of those born in 1965, the retirement age will be linked to life expectancy, just as in the earnings-related pension scheme. The calculator counts the reduction for early retirement (0.4% per month that you take the pension early) for both the national and the guarantee pension if you retire before you reach the retirement age of the national pension. The calculator also calculates an increase for late retirement if you retire after reaching the retirement age of the national pension. If you were born before 1962, the increment for late retirement is 0.6% for each month that you postpone your retirement and 0.4% if you were born in 1962 or after.
The calculator calculates your Kela pension providing you have lived long enough in Finland to qualify for a full national pension (80% of the time between you turned 16 and when you retire).
In the future, the national and the guarantee pension are expected to develop in line with the price index. In real terms, the Kela pension is at the current level in the calculator.
For more information on the national pension and the guarantee pension, go to Kela’s website.
The calculator calculates the amount of pension benefits you earn for periods of child care and the amount of pension benefits you would earn from work during that same period. The amounts provided by the calculator are indicative.
The calculator calculates the pension benefits that accrue from periods of family leave according to legislation valid in 2020, assuming that the family leave begins in 2020 at the earliest. The amounts provided by the calculator are indicative.
You earn pension benefits from periods of taking care of your own children for the period that you are paid a maternity, paternity or parental benefit or a child home care allowance. The calculator calculates the pension that you accrue from periods of family benefits paid for one child (or one birth). Both parents calculate the pension accrual for their own part.
The calculator calculates the pension accrual for those born between 1973 and 2002. The life expectancy coefficient that is used in the calculation is based on this age group. The selected age group allows for the pension calculations in the calculator to be simpler.
The pension that you have accrued for periods of care of your children born earlier is stated on your pension record. You will be granted the pension you have accrued for childcare if you have earned at least 18,171.45 (in 2020) euros for work that has been insured under the earnings-related pension acts before the year in which you retire.
The calculator assumes that the general earnings and price levels remain at the current level. The calculator does not take into account special cases such as, for example, if you work while you are getting a child home care allowance or if the pension is based on previous earnings determined before 2020.
For more information on benefits paid during family leave, for how long they are paid and how they are determined, go to Kela’s website.
Pension for periods on a parental allowance
For periods on a parental allowance, that is, when you get a maternity, paternity or a parental allowance, you earn pension benefits on your annual earnings based on your daily allowance. The annual earnings are calculated for the 12 calendar months before the calendar month in which your right to a daily allowance starts.
The annual earnings include wages, salary for insurance purposes, your confirmed income under YEL and MYEL, certain benefits and compensations for loss of earnings. As a rule, Kela receives your earnings data from the Incomes Register or the insurance providers. The earnings data used when calculating your pension comes from Kela. You can check your earnings data in the Incomes Register.
When calculating your pension, the social security contributions you have paid are deducted from the earnings that form the basis of your pension (9.58%). The earnings that form the basis of your pension are multiplied with factor 1.21. You accrue pension benefits to the amount of 1.5 per cent of your annual earnings. Your accrued pension benefits are adjusted with the life expectancy coefficient of your age group.
If you don’t have previous earnings and you are therefore paid a minimum parental allowance, or if the basis of your benefit (multiplied with the factor 1.21) are less than 757.14 euros/month, your accrued pension benefit is always based on a monthly earning of at least 757.14 euros (in 2020). If you are working while getting a daily allowance, the calculator does not calculate the pension you accrue based on your earnings from work.
You accrue a pension on an earnings basis multiplied by 1.21 also if your employer pays you a wage while you get a daily allowance. You earn pension based on your wage in a regular manner, as well as on the earnings that your benefit is based on (multiplied with the factor 0.21). Since the wage you are paid while also receiving a daily allowance has an insignificant impact on the amount of your accrued pension, the calculator does not separately take into account the wage you are paid for the period that you are getting the allowance.
Pension for period of child home care
You earn a benefit under a separate statute for periods of taking care of your own children under the age of 3. The benefit is granted and paid out together with your earnings-related pension. The basis for the benefit is a fixed amount of 757.14 euros per month (in 2020). The benefit accrues at a rate of 1.5 per cent. The accrued benefit is adjusted with the life expectancy coefficient of your age group.
Contrary to other earnings-related pensions, the benefit for child home care is not taken into account as a reducing factor when calculating your national pension.
Pension for work
The calculator calculates the amount of pension you would accrue from your earnings from work or self-employment so that you can compare it to the benefit you earn from the period of home child care. You accrue a pension at a rate of 1.5 per cent of your gross annual earnings. The accrued pension amount is adjusted with the life expectancy coefficient of your age group.
The calculator assumes that the wage you have entered for your work is also the basis for your parental allowance. The calculator does not take into account situations in which the wage deviates from the previous basis for the allowances, or in which the basis for the daily allowance includes benefit income.
The project on gender gaps in pensions aims to raise a discussion on gender gaps in pensions and increase citizens’ and decision-makers’ awareness of the underlying reasons for the gender gap in pensions.
The project, led by the Ministry of Social Affairs and Health, is carried out in cooperation between the Finnish Centre for Pensions, Kela and the Finnish Pension Alliance TELA.
The project has received financing from the Rights, Equality and Citizenship Programme of the European Union (2014-2020).