Estimate your future pension

With the pension calculator, you can estimate how much pension you will receive when you retire.

Your future pension depends significantly on how your own income develops. Your final pension can be calculated only when you retire. Check your pension record to find out how much pension you have accrued so far.

Check your pension record

Calculate your pension

Use the pension calculator to estimate how much pension you will receive.

 

Year of birth

Select your year of birth. It is needed to calculate your pension. Your retirement age, your target retirement age and the life expectancy coefficient are determined based on your year of birth.

Select the year in which you were born
 

Birth month

Select your birth month.

Select the month in which you were born
 

Monthly gross wage

Enter your current (or an estimate of your future) annual wage/income from self-employment at a monthly level, as a whole number (for example, 2500).

Enter your wage (whole number, for example 2500)
 

Your accrued pension, from your pension record

Check your pension record (www.tyoelake.fi/en/pension-record/) and enter here your total pension amount (in full euros, for example 800). The amount is the amount you estimated to have accrued by the end of the previous month, adjusted with the life expectancy coefficient. Enter the accrued pension amount excluding a possible increment for late retirement.

Alternatively, you can estimate the amount of your previously accrued pension by looking at the typical pension accrual of your own age group. See “Statistics on accrued pensions” below.

Enter the accrued pension amount as a whole number, for example, 2500
 

Select how your wage and salary earnings will develop in the future

Development according to projection means that your own earnings change in the calculator according to the annually estimated wage coefficient development until retirement. When calculating your pension, your earnings are also adjusted with the wage coefficient to the level of the year of retirement. The development of the wage coefficient in the calculator follows the projection of the Finnish Centre for Pensions.

Earnings kept at current level means that your own earnings or the wage coefficient used in indexing do not change.

For more detailed information about the assumptions used by the calculator, check the section About the calculator.

Retirement age  

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.

- Pension estimate/month - €/month
Your target retirement age  

Your target retirement age

At your target retirement age, the increment for deferred retirement has increased your pension as much as your life expectancy coefficient cuts it at your retirement age.

- Pension estimate/month - €/month

Your estimated pension €/month

The pension is in the price level of the ongoing year.

Retirement age 

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.

- years and - months

Test how the age at which you retire affects your pension estimate.

Time of your retirement: -

Earnings-related pension

- €/month

Your earnings-related pension has been adjusted with the life expectancy coefficient - 

Your earnings-related pension has been adjusted with the life expectancy coefficient

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.

Your pre-retirement salary 

Your pre-retirement salary

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.

- €/month

Your pension relative to your pre-retirement salary

- %

Next year's index-adjusted pension amount

Earnings-related pension

- €/month

Next year's pension amount has been adjusted with the projected nominal development of the earnings-related and national pension index.

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 1955 and 2006.

The calculator will calculate your pension based on the wage you’ve entered and the laws that are valid in 2024. To get an estimation that is as close to the truth as possible, enter the amount of your accrued earnings-related pension that is stated on your pension record. Your final pension cannot be calculated until just before you retire.

If you are a wage earner, you will begin to accrue pension at 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. After that, you no longer earn more pension.

The calculator calculates your pension under the assumption that the earned pension you have entered 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.

If you can retire during the ongoing year, you can estimate not only the amount of your starting old-age pension but also the amount of your index-adjusted pension amount for next year. You can see the index-adjusted amount for next year when you select “Assessment of index effect (nominal price level)” and your selected time of retirement is in the ongoing year. By changing your age at retirement, you can compare your index-adjusted pension for next year with the pension amount you would get were you to retire next year.

Calculator’s assumptions on wage and price development as well as 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.

If your pension can start during the ongoing year, you can also select to have the pension amount presented at a nominal level in addition to the price level of the ongoing year. In the alternative with the nominal price level, the projected price development corresponds to the baseline projection of the long-term projection of the Finnish Centre for Pensions.

According to the baseline assumption, the earnings level grows by 1.2 per cent and the consumer price index by 2.0 per cent per year real term. 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 presents your assumed pension amount 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. If you reach your retirement age during the ongoing year, you can assess your pension also at a nominal price level. In that case, the assessment includes the impact of the projected price development.

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 2021 population projection that has been updated by the Finnish Centre for Pensions. 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 2021. 

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. 

By year-end 2022, the different age groups had accrued a median pension as shown in the table below. This means that half of each age group had accrued a higher and half a lower pension than the figure shown in the table for the age group. The accrued median pension has been presented separately for men, women and the combined total.

The accrued pensions have been adjusted with the wage coefficient to the 2023 level and multiplied with the life expectancy coefficient for each birth year.

The data of the table can be used in the calculator, for example, as an estimate of the previously accrued pension. For a more detailed information on your own accrued pension, check your pension record.

Estimate of the accrued pension at year-end 2022, median, €/month

Birth yearMenWomenTotal
2005111
2004434
2003131112
2002222323
2001343434
2000505251
1999697472
1998929694
1997123127125
1996154156155
1995186189188
1994224223223
1993258254256
1992295284289
1991333315324
1990374345357
1989413380394
1988456417433
1987505448472
1986550484511
1985590509544
1984634533574
1983668561603
1982698583630
1981735610662
1980791640702
1979842681748
1978900715791
1977962752839
19761008789882
19751063819923
19741098847954
19731137870985
197211919011025
197112329391060
197012669721095
1969131710121140
1968137610741203
1967142811381261
1966148211951318
1965154912601380
1964161313211443
1963167813651493
1962175014291561
1961180114731604
1960185315301657
1959188915681694

The statistics includes data of persons who reside in Finland, are insured for an earnings-related pension and who have not retired. The accrued pension for each age group is based on the data for year-end 2021. It has been adjusted to the level at year-end 2022 according to each age group’s previous development.

If you can retire during the ongoing year, you can estimate not only the amount of your starting old-age pension but also the amount of your index-adjusted pension amount for next year. The indexes for next year are projections; the figures will be specified in the autumn.

For example, you can compare the amount of your pension if you retire in December 2024 or January 2025. For comparable results, select the nominal price level in all calculations.

  1. Calculate how much your monthly pension would be if it were to start in December 2024 and how much your index-adjusted pension that would start in January 2025 would be.
  2. Calculate how much your pension that would start in 2025 would be by selecting a higher age at retirement.
  3. Compare the results with each other.