Pension calculator

With the pension calculator, you can estimate how much your earnings-related pension will be when you retire. If you have turned or will turn 55 this year, it will also estimate how much Kela pension you may get.

The figures of the pension calculator are only approximate. Changes in life expectancy, your future earnings and general changes in earnings will affect how your pension pot will grow. Your final pension can be calculated only when you retire. Check your pension record to see how much your pension pot has already grown.

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 the total amount (in full euros, for example 800) of pension you have earned by the end of 2019 (excluding any increment for late retirement). The amount has been adjusted with the life expectancy coefficient.

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

A real growth of 1.5 per cent means that wages will grow 1.5 per cent more than prices.

The general wage development affects the wage coefficient, which is used to adjust your earned pension pot to the value of the year in which you retire.

The development of your own earnings is tied to the wage development you select. The calculator multiplies your earnings each year with the wage coefficient.

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

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.

- Pension estimate/month - €/month
Your estimated pension €/month

Your estimated pension €/month

The pension is in the 2020 price level.



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

Chosen retirement age

Check how your selected retirement age affects your estimated pension amount.

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
- %

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 Pensionsbaseline 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 pensionspurchasing 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. 

By year-end 2019, 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 2020 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 2019, median, €/month

Birth yearMenWomenTotal
2002111
2001333
2000111010
1999202221
1998313232
1997454746
1996616563
1995818885
1994108116112
1993136143140
1992168170169
1991200198199
1990235224229
1989270254261
1988306288296
1987349315330
1986388346364
1985423368391
1984461386417
1983490410443
1982515428465
1981548450490
1980594479527
1979638511565
1978687541600
1977741574645
1976785604680
1975835631716
1974867655743
1973905676775
1972948706809
1971987736840
19701015767870
19691064794911
19681114847962
196711558991009
196612009471057
1965125810041112
1964131310591170
1963137811031221
1962144811661286
1961152312231349
1960158912881414
1959165913491481
1958172613951529
1957176614481570

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 2018. It has been adjusted to the level at year-end 2019 according to each age group’s previous development.