This calculator will calculate the amount of your partial old-age pension and the amount of your full old-age pension after you’ve taken out a partial old-age pension. For comparison, the calculator also calculates how much your full old-age pension would be if you had not taken out a partial old-age pension.

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 1957 and 2005.

The calculator will calculate your pension based on the wage you’ve entered into it and the laws that are valid in 2023. To get an estimation that is as close to the truth as possible, enter the amount of your earnings-related pension that you’ve earned by the end of 2022. 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 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

You can select between two different future general wage developments in this calculator. The option in which the wage 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 1.2 per cent each year. The near-future economic outlook has been taken more closely into account in the calculator. The wage coefficient that your pension is adjusted with to the level of the year in which your pension begins is calculated based on the general wage and price development. Long-term, the real-term annual development is around 1.0%.

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 for partial old-age pension

The retirement age for a partial old-age pension is 61 years if you were born before 1964. If you were born in 1964, the retirement age is 62 years. If you were born in 1965 and later, your retirement age is linked to changes in life expectancy. The retirement age is based on the current projection of the extending life expectancy. The projection is based on the 2021 population projection of Statistics Finland. Read more about how the retirement ages are determined

Retirement age for old-age pension

Each birth year group has its own retirement age. If you were born in 1965 and later, your retirement age is based on the currently estimated extended life expectancy.

Earnings-related pension accrual and age at when your insurance obligation ends

Your earnings-related pension grows by 1.5 per cent of your annual earnings. If you are between 53 and 62 years old, your pension 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 defer retirement). Pension accrues also for work you do while receiving a partial old-age pension.

The age when you stop paying pension insurance and your pension 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).

Calculating a partial old-age pension

Your partial old-age pension is based on the earnings-related pension that you have accrued by the end of the year before the year in which you take out a partial old-age pension. When you retire on a partial old-age pension, you can draw 25% or 50% of the pension that you have accrued up to that time. Retiring on an old-age pension early will permanently reduce your future pension by 0.4% for each month from when you start drawing your pension to the month after you reach your retirement age.

Life expectancy coefficient

The accrued pension is 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 start drawing your partial old-age pension at age 61, the life expectancy coefficient confirmed for the year in which your partial old-age pension starts is used.

For the younger age groups, the life expectancy is a projection. The projections are based on the 2021 population projections of Statistics Finland.

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. If you get only a partial old-age pension, you cannot get a Kela pension. That is why the calculator estimates the Kela pension only for the old-age pension. Every euro of earnings-related pension that you get reduces 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 consider other pensions that may affect your national or guarantee pension.

When your national pension amount is calculated, the reduction for early partial old-age pension is added to the amount of your earnings-related pension. That way, the national pension does not compensate for the reduction of the earnings-related pension caused by early retirement. The increment for late retirement is not considered when calculating your national pension, so the national pension does not reduce as a result of the increment for late retirement.

The calculator takes all other components of your earnings-related pension into account as factors reducing your national pension. When calculating the guarantee pension, the earnings-related pension paid is considered in full.

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.