When a person retires, the main concern, apart from finding where to invest the hours that no longer have to be worked, is to know the amount of the retirement pension, since from that moment on it replaces the salary to become the main source of income for the retiree. income.
In Spain, the the contribution is closely linked to the amount of the retirement pension of a worker: the more contributions he receives, generally, the higher the amount of his pension will be. This is a kind of reward for the continuity of this person’s contributions, through contributions, to the retirement system.
This is why all workers wonder what amount of pension they will receive based on the years of contributions they have reached at the time of retirement. For example:How much pension is left with 35 years of contributions??
As always, the key lies in how Social Security retirement benefits are calculated. This method takes into account the number of years workers have contributed and the contribution bases for which they have contributed during that time. There are two factors to consider:
The first thing is to calculate the regulatory basiswhich is obtained by adding the contribution bases of the last 25 years (300 months) and dividing this result by 350. In the calculation, Social Security will apply coefficients to the bases of all years except the last two to reflect the impact of inflation and certain workers (this is not the case for self-employed workers and domestic workers) will be able to benefit from the integration of gaps to be filled with fictitious bases, between 100% and 50% of the current minimum base, during periods without contributions.
The next step is to calculate the percentage of this regulatory base to which the worker is entitled, for which the total number of years of contributions is taken into account. The final percentage is determined according to the following scale:
- With the required minimum of 15 years of contributions, 50% of the regulatory base is guaranteed.
- For each of the following 49 months, a supplement of 0.21% of the regulatory base is granted.
- For each of the following 209 months, a supplement of 0.19% of the regulatory base is granted.
The amount of the pension if you have contributed for 35 years
Using these references, Persons who have contributed for 35 years are entitled to a retirement pension equal to 96.54% of the statutory base..
To this figure we can add the supplement to reduce the pension gap between men and womenwhat in 2024 is 33.20 euros per month per son or daughterwith a maximum of four. This supplement is aimed almost exclusively at women, those affected by interruptions in contributions due to maternity and childcare.
The amount of the pension if you take early retirement with 35 years of contributions
But what happens if a worker decides to take advantage of one of the two main types of early retirement? With a contribution of 35 years, the contribution criteria for both voluntary early retirement and involuntary early retirement are met and in both cases Pension cuts must be assumed which function as compensation for the early start of the worker’s contributions (contributions) to the pension system.
These reductions are made by applying reduction coefficients, which apply to the already calculated amount of the pension, are monthly and depend both on the type of early retirement and the contribution accumulated by the worker during his working life.
Reductions in voluntary early retirement
- For workers under 38 and with six months of contributions: they vary from 21% to 3.26% of the pension.
- For workers between 38 years and six months and less than 41 years and six months of contributions: they vary from 19% to 3.11% of the pension.
- For workers between 41 years and six months and under 44 years and six months contributing: they vary from 17% to 2.96%.
- For workers over 44 years old and with six months of contributions: they vary from 13% to 2.81% of the pension.
Reduction of involuntary early retirements
- For workers under 38 years of age and with six months of contributions: they vary from 30% to 0.63% of the pension.
- For workers aged 38 years and six months and under 41 years and six months contributing: they vary from 28% to 0.58% of the pension.
- For workers between 41 years and six months and under 44 years and six months contributing: they vary from 26% to 0.54%.
- For workers over 44 years old and with six months of contributions: they vary from 24% to 0.5% of the pension.
