Enter your expected age at retirement, the total years of service, and your average salary to calculate your estimated annual pension. Adjust these inputs to see how changes affect your pension.
The formula used is: Estimated Pension = Years of Service × Pension Percentage × Average Salary × Age Factor. The pension percentage is typically 1.5% per year of service, and the age factor adjusts based on retirement age.
For example, if you retire at age 65 with 30 years of service and an average salary of $50,000, your estimated annual pension would be calculated as follows: 30 × 0.015 × $50,000 × 1 = $22,500.
Remember that this calculator provides estimates based on typical Massachusetts retirement formulas. Actual pension amounts may vary based on specific retirement system rules and individual circumstances. For more detailed planning, consider using our 401k Calculator or Roth IRA Calculator.