If thinking about retirement is something that is done with a view to the future, to receive a pension as retirees, we will have to, as workers, think about the present and know what our accumulated contribution is.
THE years of contributions are the key everything about pensions: they determine their amount and also have an influence on the age at which a person can retire. The more years of contributions, the more options there are to retire earlier.
At what age should you retire with 15 years of contributions?
This is why many workers wonder when they will be able to retire based on the years of contributions they have accumulated throughout their working life. For example: at what age can you retire if you have contributed for 15 years?
A 15-year contribution is a paradigmatic hypothesis: it is the minimum required to be entitled to a contributory retirement pension (otherwise the worker must check whether he meets the conditions to receive a non-contributory pension) and this is therefore a very useful case.
The first thing to keep in mind is that In Spain, two retirement ages coexist. This is the result of the 2011 pension reform, which had among other objectives that of delaying the retirement age. To this end, a progressive calendar was designed according to which the age is increased each year for workers who do not reach a contribution that also increases each year.
According to the text of Law 27/2011 of August 1 (you can consult it at this link), for 2024 the retirement ages are as follows:
- 65 years for workers with 38 years of contributions.
- 66 years and six months for workers with less than 38 years of contributions.
Therefore, the People who have contributed for 15 years will have to retire at 66 and a half in 2024never before.
How much pension do you receive with 15 years of contributions?
You must use the Social Security retirement pension calculation method, which takes into account the contribution bases of the last 25 years, adds them up and divides them by 350 to obtain the regulatory base.
In this calculation, Social Security applies coefficients to all bases except those of the two years preceding retirement in order to reflect the effect of inflation and workers can benefit from the integration of gaps to be filled with fictitious bases (among 100% and 50% of the basic minimum) of periods without contributions, although it is not available for self-employed workers and domestic workers.
Then, it is necessary to determine the percentage of the regulatory base that the retiree will receive, and this depends on the years of contributions: in the case of people with 15 years of contributions, the calculation is simple because they receive the minimum, the 50% of the regulatory base.
