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
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In The Sims 3, elder Sims have the option to retire from their careers at any time. Retiring can be done by phone, and when done, everyone in the room will cheer the newly-retired Sim. Once a Sim has retired, he or she will receive a pension payment every Sunday. The weekly pension is based on the Sim's career level at retirement, and is substantially less than his or her salary.
It has been reported[1] that retired Sims continue to receive their pensions while on vacation.
A Sim's pension stops when he or she dies.