Who wouldn’t want to retire? Obviously the colors are different, but it is practically impossible to look without a certain envy at people who, once their professional career is over, become retired and enjoy a more than likely well-deserved rest. Of course, not everyone will be able to do this at the same time.
In Spain there is no single retirement age since the pension reform approved in 2011 began to be applied in 2013 and which, among other things, proposed to delay the retirement age in order to make the Spanish pension system more sustainable.
From this moment, a variable comes into play: the price. From 2013 The previous contribution marked a worker’s retirement age: higher contribution, more possibilities to retire earlier.
The procedure is simple: from 2013 to 2027, the retirement age is increased every year for workers who do not reach a certain retirement level, which is also increased every year. People who reach this figure can retire at the pre-reform age: 65.
It is therefore normal to wonder at what age you can retire based on your years of contributions. For example,at what age can I retire with 20 years of contributions?
Let’s move on to the General Social Security Law: its seventh transitional provision (you can consult it at this link) regulates “the progressive application of the retirement age and contributions” and provides the following for 2024:
- The retirement age is 65 when the worker reaches 38 years of contributions.
- The retirement age is 66 years and six months when the worker does not reach 38 years of contributions.
Taking into account these keys, workers with 20 years of contributions They will have to wait 66 years and six months. retire in 2024.
What pension is left for a person who retires with 18 years of contributions?
It is necessary to respect the premises of the method of calculating Social Security retirement pensions, which takes into account the number of years of contribution and the contribution bases maintained during this period. There are two parts:
- Calculate the regulatory base of the worker, which is obtained by adding the contribution bases of the last 300 months (25 years) and dividing the amount by 350. In this calculation, workers can benefit from the integration of gaps to fill periods without contributions with fictitious bases (except self-employed and domestic workers) and Social Security applies coefficients to all bases except those of the last two years to reflect the effect of inflation.
- Calculate the percentage of the regulatory base. It depends on the contribution years: for the first 15, the minimum required, 50% is granted, for each of the following 49 months a supplement of 0.21% is granted and for each of the following 209 months a supplement of 0.21% is granted. 0.19%.
Using these tools, we obtain the amount of a retirement pension for a worker who retires with 20 years of contributions: 62.38% of the regulatory base.
