Workers who choose voluntary early retirement They face reductions in the amount of their pension. These penalties are not fixed and vary depending on the years of contributions and the months in advance of retirement, with reductions that can vary between 2.81% and 21%. If the calculated pension exceeds the established ceiling, the Social security will apply an additional reduction which will gradually increase each year.
Voluntary early retirement allows employees to retire earlier than usual, with the option of advance up to 24 months regarding the legal retirement age. To determine the amount of the pension, you must first regulatory basiswhich represents 100% of the pension. Subsequently, the reducing percentages are applied based on the years of contributions, which gives rise to the final amount that the retiree will receive.
Voluntary early retirement in 2024
Social Security offers a table on its website that shows the reducing coefficients applicable to pensions, depending on the years of contribution and the months preceding retirement. Penalties vary depending on the years of contribution. For example, those who have contributed for less than 38 years and six months see their pension reduced considerably if they decide to retire early.
THE discount percentages They are more severe for those with fewer years of contributions, reaching up to 21% for having contributed two years earlier. As seniority increases, the penalty decreases. Thus, workers over 44 years old and six months of contributions see their pension reduced by 13% if they retire two years earlier. Furthermore, it is important to keep in mind that to access this pension, a minimum of 35 years of contributions is required.
Calculation of the regulatory base
The calculation of the pension that a retiree will receive from National Institute of Social Security (INSS) It is based on two fundamental elements: the regulatory base and the type of pension requested.
THE regulatory basis It serves as a reference for calculating various pensions, including retirement, permanent disability and sick leave. It is determined based on the worker’s contribution bases for a specific period, reflecting the amount of his contributions to the system before applying for the pension.
For calculate the regulatory base In the event of retirement, several steps must be followed. First of all, you must consult the contribution base, which can be done at the Social Security Electronic Office. Then, it is necessary to determine the reference period, which in 2024 corresponds to the 25 years preceding retirement. Subsequently, the contribution bases must be updated according to the Consumer Price Index (CPI) and finally, all the bases must be added to obtain the total. This amount is divided by 350 to calculate the final regulatory basis of the retirement pension.
Regulatory base of 1,800 euros
The regulatory base of 1,800 euros directly influences the amount of the pension, depending on the months preceding retirement and the years of contribution. For workers under 38 years old and six months of contributions, if they decide to retire two years before the legal age, their pension would be reduced to 1,422 euros. If only one month is advanced, the modulated pension would be 1,739.32 euros.
Those who are between 38 years and six months and 41 years and six months of contributions, if they choose to retire two years earlier, their pension would be 1,458 euros, while if they advance it by ‘one month, the figure rises to 1,740.02 euros. .
On the other hand, those who accumulated contributions between the ages of 41 and six months and 44 years and six months would receive 1,494 euros if they took early retirement for two years. On the other hand, if they advance their retirement by just one month, the pension would be 1,744.68 euros. For those who have contributed for more than 44 years and six months, the reduction is less drastic: the pension would remain at 1,566 euros for early retirement of two years.
Regulatory base of 2,500 euros
When considering a regulatory basis of 2,500 eurosthe amount of the pension varies depending on the time of contributions and the months preceding retirement.
For those under 38 and six months of contributions, if they decide to retire two years before the legal age, their pension would be reduced to around 1,978 euros. If they choose to advance only one month, the pension would be 2,174.12 euros.
Workers who are between 38 years and six months and 41 years and six months of contributions would see their pension set at 2,042 euros if they choose to retire two years earlier, while if they retire one month earlier early on, they would receive 2,175.02 euros.
On the other hand, those who will have accumulated between 41 years and six months and 44 years and six months of contributions would receive a pension of 2,088 euros if they retire two years earlier, and 2,178.68 euros if they do not retire only a month earlier.
Finally, for those who have contributed for more than 44 years and six months, the reduction would be less, with a pension of 2,144 euros for early retirement of two years and 2,180.62 euros if it is brought forward by one month.
