Pension Calculator — Defined Benefit Estimator
Estimate your defined benefit pension payout at retirement. Compare single life, joint survivor, and lump sum options. Factor in COLA and years of service.
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Navigate the complex pension decision with confidence. Compare all payout options and understand how your years of service and salary affect your retirement income.
- 1Enter your current age, retirement age, and years of service.
- 2Input your final average salary and pension accrual rate.
- 3Select your benefit payment option (single life, joint, period certain, or lump sum).
- 4Factor in COLA if your pension includes cost-of-living adjustments.
- 5Review projected monthly benefits and lifetime totals.
Common Use Cases
- Compare single life vs joint survivor options for married couples
- Calculate lump sum present value vs guaranteed monthly payments
- Estimate total lifetime pension benefits with COLA adjustments
Pro Tips
- If your spouse has no other retirement income, the 100% joint and survivor option is often worth the monthly reduction.
- Request a pension estimate from your employer at different retirement ages for exact figures.
Frequently Asked Questions
This depends on your health, other retirement income, investment knowledge, and risk tolerance. Monthly payments provide guaranteed income for life, while lump sums offer flexibility and control but require managing investments yourself.
A joint and survivor option provides reduced monthly payments while both you and your spouse are alive, but continues paying (at 50%, 75%, or 100% level) to the surviving spouse after your death.
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