liminfoNational Pension Calculator
Free web tool: National Pension Calculator
Minimum 10 years
B-value: your career average monthly income
Early (Age 58+)
4,923,316 KRW
Up to 30% reduction
Normal (Age 63)
7,033,309 KRW
/mo (84,399,710/yr)
Delayed (Age 68)
9,565,301 KRW
Up to 36% increase
Calculation Details
Comparison by Claiming Age
| Timing | Monthly | Annual | Change |
|---|---|---|---|
| Early (58) | 4,923,316 | 59,079,797 | -30% |
| Normal (63) | 7,033,309 | 84,399,710 | - |
| Delayed (68) | 9,565,301 | 114,783,606 | +36% |
About National Pension Calculator
The Korean National Pension Calculator estimates your expected monthly old-age pension benefit based on the official National Pension Service (NPS) formula. You enter your total contribution period in years and your average monthly income during that period. The tool applies the standard basic pension formula — 1.2 × (A + B) × (1 + 0.05 × n/12) — where A is the average monthly income of all NPS subscribers (approximately 2,861,091 KRW in 2024), B is your personal career-average monthly income, and n is the number of months contributed beyond 240 months (20 years). A minimum of 10 years of contributions is required for eligibility.
Beyond the base pension, the calculator compares three claiming scenarios side by side: early pension (from age 58, with up to 30% reduction), normal pension (at age 63, the standard age gradually rising to 65 by 2033), and delayed pension (up to age 68, with up to 36% increase). This comparison helps you make an informed decision about the optimal claiming age based on your health, longevity expectations, and financial needs.
All computations run entirely inside your browser. No personal income data or contribution history is ever sent to a server. The 2024 A-value of 2,861,091 KRW is used as the baseline; since the A-value is updated annually by NPS, results are estimates rather than guaranteed benefit amounts. For authoritative figures, contact the National Pension Service or check your NPS statement.
Key Features
- Applies the official NPS basic pension formula: 1.2 × (A+B) × (1+0.05×n/12)
- Uses the 2024 A-value of 2,861,091 KRW (average income of all subscribers)
- Compares early (age 58, -30%), normal (age 63), and delayed (age 68, +36%) claiming
- Displays both monthly and annual pension amounts for each scenario
- Shows 1-year minimum eligibility warning for contributions under 10 years
- Itemized calculation breakdown showing A-value, B-value, and contribution period
- Bilingual Korean/English interface — accurate in both languages
- 100% client-side processing — your income data never leaves your browser
Frequently Asked Questions
What is the Korean national pension formula?
Basic pension = 1.2 × (A + B) × (1 + 0.05 × n/12). A is the average income of all current subscribers (~2.86M KRW in 2024). B is your personal average monthly income during your contribution period. n is the number of months exceeding 240 months (20 years). The formula rewards longer contribution periods with higher benefits.
What is the A-value and does it change?
The A-value is the average monthly income of all National Pension subscribers and is updated every year. In 2024, it is approximately 2,861,091 KRW. Because the A-value changes annually, the exact pension amount you receive at retirement will differ from today's estimate. This calculator uses the 2024 baseline for estimation purposes.
How much does early pension reduce my benefit?
Early pension reduces your benefit by 6% for each year you claim before the normal pension age (63). The maximum early claim starts at age 58 (5 years early), resulting in a 30% permanent reduction. The reduction is applied for life — it does not reset when you reach the normal pension age.
How much does delayed pension increase my benefit?
Delaying your pension beyond age 63 increases it by 7.2% per year, up to a maximum of 5 years (age 68), which yields a 36% permanent increase. The decision to delay makes financial sense if you have other income sources and expect to live well into your 70s or 80s.
What is the minimum contribution period?
You must contribute for at least 10 years (120 months) to qualify for the old-age pension. If your contribution period is less than 10 years, you receive a lump-sum refund (반환일시금) rather than a monthly pension. If you are close to 10 years, voluntary contributions can help you reach the threshold.
What normal pension age does this calculator use?
This calculator uses age 63 as the reference normal pension age. Under current NPS law, the standard claiming age is being gradually raised: 62 for those born 1953-1956, 63 for 1957-1960, 64 for 1961-1964, and 65 for those born in 1969 or later. If you were born after 1960, your actual normal age may be 64 or 65.
Does national pension count toward retirement income?
Yes. The Korean National Pension is a mandatory public retirement income program designed to provide a base level of income security after age 63. It is separate from individual retirement savings accounts (IRP), occupational pensions (DC/DB), and personal insurance products. Most financial planners recommend supplementing NPS with private retirement savings.
How accurate is this calculator?
This calculator faithfully applies the official NPS basic pension formula using the 2024 A-value. However, your actual pension at retirement will depend on the A-value prevailing at that time, your complete contribution history (including periods of income change), cost-of-living adjustments, and any pension reform changes enacted before you retire. Use this tool for planning purposes, not as a definitive benefit guarantee.