(MONEY Magazine) – Even a generous early-out package won't make up for the bigger pension you'd earn by staying on the job. In the table below, we analyze an offer to a 55- year-old who earns $50,000 and has worked 20 years for a company. The package adds five years to both his age and years of service, which gives him the pension he would normally get at 60, and pays him an additional $6,800 for seven years -- two-thirds of his expected Social Security benefit at 62. The table shows that if he turns down the deal and works until 60 or 62, he will boost his annual retirement income by as much as $8,891 -- $6,891 in additional pension, $1,600 from his fatter 401(k) and $400 from his higher Social Security benefit.

CHART: NOT AVAILABLE CREDIT: Source: Kwasha Lipton CAPTION: NO CAPTION