We know you’ve wondered how many years you have left before you can stop working. retirement It is this dream future for some, which always seems very far away.
If you’re curious to know how much time you still have left to give your all at work, keep reading because you’ll find out. How to know how long you need to work to enjoy your retirement.
How to calculate the time I have left until retirement
To calculate how much time you have left to retire, you need to consider several factors, such as your current age, your retirement age, the type of job you have and the time you have contributed so far.
In Spain, the retirement age is 67, but you can retire with a full pension if you have contributed for at least 38 years and 1 day.
You can use the Social Security Retirement Simulator to calculate the time you have left to retire. This simulator allows you to enter your personal and professional information to obtain a estimate of your future pension.
Here we leave you one step by step guide if you want to do it yourself:
- Retirement age: First of all, you need to know the legal retirement age in Spain. Currently, the retirement age is gradually increasing and is between 65 and 67 years, depending on the years of contributions.
- Years cited: Check the years you have contributed to date. Can Check your professional life via the Social Security Electronic Headquarters.
- Calculating remaining time: Subtract your current age from the corresponding retirement age based on your years of contributions. For example, if you are 50 and have to work until 67, you will have 17 years of work left.
How many years do you have to contribute to get 100% of the pension?
To get the 100% of pensionyou must contribute for at least 38 years and 1 day. This figure is likely to change depending on legislative reforms, so it is important to be up to date. This means that if you are 40 years old and have contributed for 2 years, you will have to contribute for another 36 years and 1 day to get the full pension.
1.Evolution of the contribution period: From 2027, the contribution period required to receive 100% of the pension will be 38 years and 6 months. This is due to the progressive reform of the pension system.
2.Impact of years of contributions: each additional year of contributions beyond the required minimum can increase your pension, thus ensuring greater financial stability in your retirement.
How to calculate pension: pension simulator
If you don’t want to complicate things too much, you can use the pension calculation tool that Social Security offers on its website.
This retirement pension calculation is unique for each person depending on their personal situation and career path. With the simulator, you will know when you will be able to access retirement and an estimated amount of your future pension, based on all your employment data up to the date you perform the simulation. However, the result is exclusively informative.
