In more detail
A defined-benefit pension typically pays years of service × accrual rate × final average salary: 30 years at 1.5% of $80,000 is $36,000 a year. Retiring early usually reduces the amount.
Glossary
Finance
Pension
A pension is a retirement plan that pays a regular income for life, usually based on years of service and salary.
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See also
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Glossary
Annuity
An annuity is a series of equal payments made at regular intervals.
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Glossary
Social Security
Social Security is the US government retirement, disability and survivor benefit program, funded by payroll taxes.