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A defined-benefit pension pays a fixed monthly income based on a formula: years of service × final salary × benefit multiplier. If you retire before the full retirement age, an early retirement reduction may apply.
Review the inputs carefully and treat the output as an estimate. For decisions involving money, taxes, health, law, or security, compare the result with trusted professional guidance when needed.
What is the benefit multiplier?
The benefit multiplier (also called accrual rate) is the percentage of final salary earned per year of service. A typical multiplier is 1.5% to 2.5% per year.
What happens if I retire early?
Early retirement typically reduces your pension by a fixed percentage per year before the full retirement age. This calculator applies a 5% reduction per year early.
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