Retirement is a time often greatly desired by workers, especially when they are very close to retirement age. After a life of work, resting and receiving a pension, without depending on a company or a business, is obviously seen as an almost idyllic scenario.
For this reason, as it could not be otherwise, workers often wonder when the time will come to stop working and retire. But there is no single answer to this question, since it depends on each case.
All this is due to Spanish pension regulations, which recognize two different retirement ages. The origin of this is the pension reform of 2011, which, in its objective of delaying the retirement age, established a progressive timetable to achieve this objective.
The calendar works like this: since 2013, and every year until 2027, the retirement age is delayed for people who do not reach a contribution level which also increases each year. Workers who are entitled to these contributions have the same retirement age as before the reform.
Due to this circumstance, the Workers must project the contribution they will have in the future and calculate their retirement age it will apply to them with this. For example: at what age can I retire with 30 years of contributions?
At what age to retire with 30 years of contributions
The simplest is to consult the general social security law, in whichThe seventh transitional provision (found on this link) includes the timetable for applying the postponement of the retirement age and retirement ages in force in 2024:
- 66 years and six months for people with less than 38 years of contributions.
- 65 years for people who have contributed 38 years or more.
Thus, people with 30 years of contributions They will have to wait 66 years and six months. if they want to retire in 2024.
The amount of the pension with 30 years of contributions
The amount of the benefit is obtained by using the Social Security retirement pension calculation method, which takes into account both the years contributed and the contribution bases for which said contributions were paid. The process consists of two phases:
- Calculate the regulatory basis: the contribution bases of the last 25 years are added (there are 300 bases) and divided by 350. Social Security applies coefficients to all bases except those of the last two years to reflect the effect of inflation and Furthermore, workers can benefit from the integration of gaps to fill periods without contributions with fictitious bases (even if this is not valid for self-employed workers and domestic workers).
- Calculate the percentage of regulatory base. It depends on the contribution years: for the first 15, 50% is granted, for each of the following 49 months, an additional 0.21% is granted, and for each of the following 209 months, an additional 0.19% is granted.
Thus, people who have contributed for 30 years will receive a pension equivalent to 85.18% of the regulatory base.
