Note this if you are planning to retire at the turn of the year 2022-2023

Access to the pension calculators at Tyoelake.fi has been blocked until further notice for age groups which reach their retirement age in 2022 or have reached it earlier. Due to the exceptional index development, the calculators would provide incorrect pension estimates when comparing retirement in 2022 and 2023.

If you were born in 1958 or earlier, you cannot use the old-age pension calculator. If you were born in 1961 or earlier, you cannot use the partial old-age calculator.

Due to the rapid rise in prices, the earnings-related pension index will grow clearly more than the wage coefficient at the beginning of 2023. As a result, if you retire in 2022, you will get a higher index increment than if you retire after the turn of the year, in 2023.

The time of retirement on a partial old-age pension also makes a difference due to the exceptional index development. It affects not only your partial old-age pension but also your consequent old-age pension.

Examples of effect of index increase (updated 15.9.2022)

You may consider retiring on an old-age pension at the turn of the year if you were born in 1958 or earlier.

In this example, we have assumed that you reach your retirement age in November 2022 and have accrued a monthly pension of 1,500 euros by the beginning of December 2022 (including the effect of the life expectancy coefficient).

Retiring on an old-age pension in December 2022:

You have accrued a monthly pension of 1,500 euros.

If you retire on an old-age pension in December 2022, you will get an increment to your pension in January 2023 based on the earnings-related pension index.

After this, your monthly old-age pension will be 1,598 euros.

Retiring on an old-age pension in January 2023:

If you retire on an old-age pension in January 2023, your previous earnings will be multiplied with the wage coefficient to the 2023 level when calculating your pension amount.

The size of your earnings-related pension depends on your wage before retirement. In this example, we have assumed that your monthly wage is 3,000 euros. This means that your starting monthly old-age pension in January 2023 will be 1,564 euros.

You might consider retiring on a partial old-age pension at the turn of the year if you were born in 1961 or earlier.

In this example, we have assumed that you have accrued a monthly pension of 1,500 euros by the end of 2021 (including the effect of the life expectancy coefficient). We further assume that you turn 62 in December 2022. Your age group’s retirement age is 64 years and 6 months.

On a partial old-age pension in December 2022:

In December 2022, your monthly partial old-age pension (at 50%) will be 657 euros.

If you retire on a partial old-age pension in December 2022, the amount of your partial old-age pension is calculated based on the pension you have accrued by the end of 2021. In January 2023, your pension will be incremented by the earnings-related pension index.

Your monthly partial old-age pension will then be 700 euros.

On a partial old-age pension in January 2023:

If you retire on a partial old-age pension in January 2023, your previous earnings will be multiplied with the wage coefficient to the 2023 level when calculating your pension amount. Your partial old-age pension is calculated based on the pension you have accrued by the end of 2022.

In this example, we have assumed that your monthly wage is 3,000 euros. This would mean that your monthly partial old-age pension in January 2023 will be 703 euros.

Old-age pension after the partial old-age pension:

In this example, we assume that you work with a monthly wage of 3,000 euros until the end of 2022. You retire on an old-age pension when you reach your retirement age in 2025. If your partial old-age pension began in December 2022, your monthly old-age pension will be 1,598 euros. However, if your partial old-age pension began in January 2023, your monthly old-age pension will be 1,579 euros.

You might consider retiring on a partial old-age pension in 2022 if you were born in 1961 or earlier.

In this example, we assume that you reach your retirement age in April 2023 and intend to retire on an old-age pension in May. You consider taking out a partial old-age pension in December 2022.

In this example, we have assumed that you have accrued a monthly pension of 1,500 euros by the end of 2021 (including the effect of the life expectancy coefficient).

Retiring on an old-age pension in 2023:

You work with a monthly wage of 3,000 euros until you reach your retirement age, without taking out a partial old-age pension. Your monthly old-age pension will be 1,612 euros.

Retiring on a partial old-age pension in December 2022 and an old-age pension in May 2023:

Your monthly partial old-age pension in December 2022 is 735 euros. In January 2023, your pension is increased with the earnings-related pension index and your monthly pension is 783 euros.

You work alongside your partial old-age pension with your previous monthly wage of 3,000 until you retire on an old-age pension. Your monthly old-age pension will be 1,619 euros.

The current projection of the earnings-related pension index is around 6.5 per cent. The wage coefficient, on the other hand, is expected to grow by 3.6 per cent. We have based the above examples on these projections. We will update both the projections and the examples over the autumn. In October 2023, the Ministry of Social Affairs and Health will confirm the indexes.

Read more about indexes affecting pensions 

You should plan your retirement based on your own personal situation. Go to your pension provider’s website or contact your pension provider’s pension customer service for more information on how to plan your retirement.

Go to your pension provider’s service