Aposentadoria vs. reforma vs. pensão
While pensão, aposentadoria, and reforma all relate to financial support or the end of a working life, the correct choice depends heavily on regional differences between Brazil and Portugal, and the specific nature of the payment (e.g., child support versus old-age benefits).
Aposentadoria
B1Used primarily in Brazilian Portuguese, this word refers to the official legal status of being retired due to age, length of service, or disability. It describes the phase of life after one stops working permanently.
Meu pai pediu a aposentadoria depois de trinta anos de serviço.
(My father applied for retirement after thirty years of service.)
Ela está muito feliz com sua nova vida na aposentadoria.
(She is very happy with her new life in retirement.)
O valor da aposentadoria nem sempre cobre todas as despesas.
(The retirement income amount does not always cover all expenses.)
Reforma
B1Used primarily in European Portuguese (Portugal), this is the standard equivalent to the Brazilian aposentadoria. It refers to the situation of a worker who has ceased professional activity. Note that in Brazil, this word generally means renovation (of a house) or reform (of laws), except in specific military contexts.
O meu avô já está na reforma há cinco anos.
(My grandfather has been in retirement for five years already.)
A idade da reforma aumentou em Portugal.
(The retirement age has increased in Portugal.)
Ele recebe uma boa reforma porque ocupava um cargo alto.
(He receives a good retirement pension because he held a high position.)
Pensão
B1This word refers specifically to a periodic monetary payment. In Portugal, it is often used interchangeably with reforma to describe the monthly check (old age pension). In Brazil, however, it is distinct from retirement; it usually refers to payments involving dependents, such as pensão alimentícia (child support/alimony) or pensão por morte (survivor's benefit paid to a widow/widower).
Ele paga a pensão dos filhos todo dia dez.
(He pays child support every tenth of the month.)
A viúva recebe uma pensão do governo.
(The widow receives a survivor's pension from the government.)
Em Portugal, muitos idosos vivem apenas da sua pensão de velhice.
(In Portugal, many elderly people live solely on their old age pension.)
Summary
Use aposentadoria for general retirement in Brazil and reforma for general retirement in Portugal. Use pensão to refer to the financial payment itself; in Brazil, this word strongly implies child support or survivor benefits rather than a worker's retirement income.