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    How Much Monthly Income Will Your Pension Provide?

    Pension Income Calculator

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    I wasn't sure whether to take my pension as a lump sum or monthly payments. This calculator helped me see the real difference in income.

    Thomas B.

    Age 62, Pennsylvania

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    Understanding Pension Income

    A pension (defined benefit plan) provides a guaranteed monthly income based on your years of service, salary history, and your employer's formula. It's one of the most reliable forms of retirement income.

    Lump Sum vs. Monthly. Many pension plans offer a choice: take a lump sum (which can be rolled into an IRA) or receive monthly payments for life. The right choice depends on your health, other savings, and income needs.

    Combining pension income with Social Security, IRA withdrawals, and other savings can create a comprehensive retirement income strategy. A licensed advisor can help optimize your overall plan.

    This estimate is for educational purposes only. Actual pension income depends on your employer's plan, years of service, salary history, and payout election. Consult a licensed financial advisor for personalized guidance.

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