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Pension calculator Portugal — how much will you get?

Your pension in Portugal from all pillars, compared with your salary — and how much to save each month to reach your target.

Rules 2026 · updated 11 November 2026

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Annual gross incl. 13th/14th salary and holiday pay. Net salary for this gross →

Date of birth

age 40 in 2026

Empty = statutory age (66 years 11 months). Earliest: 65 years 7 months.

70%
I have my pension statement

Figures from your official statements replace our estimates and make the result much more accurate. Leave empty what you don’t know.

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Other retirement savings

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Assumptions

Defaults follow the official rules and cautious market assumptions. Change them to test scenarios.

Show amounts in

Today’s prices = purchasing power today, the clearest comparison. Today’s wages compares with today’s salaries; money of 2052 is the nominal amount you would actually receive.

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Your estimated pensionfrom age 66 years 11 months · 2052
Net pension per month
€1,658
after tax and contributions · in today’s prices · 14 payments of €1,421
Gross pension per month
€1,801
before tax, all pillars · average over 12 months
Replacement rate (gross)
73.8%
gross pension ÷ last gross salary · target 70%
Gap per month (gross)
No gap
gross target 70% reached
State pension €1,801Target €1,708

Purchasing power in today’s prices, including 1% real wage growth per year until 2052.

Please note
  • The normal retirement age follows life expectancy: 66 y 9 m in 2026, 66 y 11 m in 2027; later years are not yet published and will probably be higher.
  • The pension uses your best 40 years of earnings, revalued. Only today’s salary is known here, so your earnings are assumed to have kept the same position relative to average wages throughout your career. If you earned less earlier (or more), the pension will be lower (or higher): the Segurança Social Direta simulator uses your real record.

Breakdown by pillar (gross)

State pension
Statutory pension (Segurança Social)estimate14 payments of €1,544.05€1,801.39
Occupational pension
none–
Private savings
none–
Total 73.8%€1,801.39
Target: 70% of last gross€1,707.98
Gap€0.00

Taxes and contributions in retirement

Net 92%Taxes and contributions 8%
Gross pension€1,801.39
Income tax (IRS)7.96%on €1,301.74€143.37
Total taxes and contributions 8%€143.37
Net pension€1,658.02

Monthly saving to close the gap

Your projected pension reaches the target. If you want to save more anyway, these tax-advantaged products are available:

Where to put it — tax-advantaged first

ProductPer month
Retirement savings plan (PPR)Limit per year: €1,750IRS deduction of 20 % of contributions: max 400 € under 35 (2,000 € paid in), 350 € at 35–50 (1,750 €), 300 € over 50 (1,500 €), within the overall limit on deductions–
Assumptions used (10)
Target: pension as % of last gross salary70%
Real wage growth per year1%
Inflation per year2%
Real return on savings (before retirement)2%
Real return during retirement1%
Savings must last until age90
Reference earnings (RR, monthly)€1,313
Global formation rate (TGF)89.94%
Early reduction / deferral bonus1.0000
Career years at retirement44.9 years

Notes

  • All amounts are in today’s wage level: what the pension would be worth if it were paid today. The replacement rate does not depend on this choice.
  • The monthly saving is today’s amount; raise it each year in line with your salary.
  • For exact figures enter the pension from the Segurança Social Direta simulator (“Simular pensão”).
  • Gross pension paid 14 times a year, taxed under IRS. Careers that began before 2002 use a mixed formula (old and new rules), minimum pensions and other early-retirement routes (long-term unemployment, very long careers) are not modelled; past earnings are revalued with prices only (conservative).
  • Pensions are taxed as category H income: specific deduction 4,587.09 € (8.54 × IAS), the 2026 brackets of 12.2 % to 48 % (Decree-Law 212/2026) and the “mínimo de existência”, which keeps low pensions tax-free. No social-security contribution and no extraordinary solidarity contribution (CES) are due on pensions.
  • Includes the 250 € deduction for general family expenses (needs about 715 € of invoices with your tax number a year). Health, housing, care-home and other deductions are not included and can lower the tax further.
  • This is the annual tax. Each pension payment is withheld with the official pension withholding tables; the difference is settled with the annual IRS return.
  • Separate taxation. Married couples and civil partners may choose joint taxation (income split between both), which pays off when your partner has little or no income.
  • Company pension funds and PPR paid as a pension are taxed as pensions (included). A PPR or fund paid as a lump sum is taxed differently (often only part of the gain, at reduced rates) and is not modelled. Other savings are shown untaxed: only their returns are taxed (28 %).
  • Mainland rates. In the Azores and Madeira the regional IRS rates are lower, so the net pension there is somewhat higher.
  • Tax rules of 2026 applied to the pension in today’s money; tax brackets and allowances are assumed to be indexed until you retire.
  • Mainland Portugal, one holder taxed separately, pension as the only income.
How it is calculated

Technical formulas (in English); amounts in today’s wage level.

  • Statutory pension (Segurança Social)RR 1313.39 × TGF 89.94 % (40 years, IAS 410.92) × 14
Official sources (4) · 2026

How the Portuguese pension system works

The old-age pension (pensão de velhice) from the general scheme of the Segurança Social is earnings-related. It starts from your reference earnings (remuneração de referência, RR): your revalued earnings from the best 40 years, divided by 14 payments a year. The pension is RR × the global formation rate (TGF): with 21 or more career years, each year adds 2.3% on the part of RR up to 1.1 IAS (€590.84), falling in steps to 2% on the part above 8 IAS (€4,297.04); the IAS (social support index) is €537.13 in 2026. At most 40 years count. Careers of up to 20 years get 2% per year, at least 30%, and with fewer than 15 contribution years there is no pension from the general scheme. The gross pension is paid 14 times a year and taxed under IRS (income tax).

The normal retirement age follows life expectancy: 66 years 9 months in 2026 and 66 years 11 months in 2027; later years are not yet published and will probably be higher. Each career year above 40 brings your personal retirement age forward by 4 months, but not below 60. With 40 career years at 60 you can retire early from 60 (flexibilização), with a cut of 0.5% for each month before your personal age; otherwise the pension starts at your personal age and the calculator adds the capital to bridge the years in between. Each month you work beyond the normal age adds 0.33% to 1%, depending on your career length, up to age 70 and at most 92% of your earnings.

For exact figures, enter your calendar years with contributions or the pension from the “Simular pensão” simulator in Segurança Social Direta; the estimate revalues past earnings with prices only (conservative) and does not model careers that began before 2002 or minimum pensions. A company pension fund is counted only if you enter it. The calculator adds up the pillars, compares the total with your target share of your last salary and shows the monthly saving for the gap: first in a PPR (Plano de Poupança Reforma), where 20% of contributions is deductible from IRS, at most €400 under 35 (€2,000 paid in), €350 at 35–50 (€1,750) and €300 over 50 (€1,500), within the overall limit on deductions; the rest goes into unrestricted saving.

Pensions are taxed under IRS as category H income after a specific deduction, and the “mínimo de existência” keeps low pensions tax-free; no social-security contribution is due on pensions.