Pension

In The Sims 2 and The Sims 3, Sims who retire from a career will receive a pension.

The Sims 2
In The Sims 2, an elder Sim who retires will receive a weekly pension that is half the weekly salary of the job he or she retired from. The Sim will receive one-seventh of that each day. A retired Sim who takes a part-time job will keep his or her pension; the part-time job will be shown in a second tab on the job panel.

A Sim's pension stops when he or she dies, but will resume if he or she is resurrected.

The Sims 3
In The Sims 3, when an adult Sim has their birthday and turn into an elder they have the choice to retire from their career. Retiring can be done by phone and when done everyone in the room will cheer and throw confetti most likely. After a Sim retires from their career they will start receiving a pension every Sunday. Their pension will always be smaller than what they would make otherwise and if you retire when your not at the top of your career you will not be able to move up levels anymore. Your Sim will stay on the same level as they were on when they retired. A pension stops when the retired Sim dies.