The retirement pension is the objective of millions of workers who are still of working age and who aspire, in the more or less near future, to retire and move from the status of employee to that of retiree.
All these people, as it could not be otherwise, want to know what the amount of their retirement pension will be. The reason is clear: they will have to live on this pension when they retire, in the same way that a worker lives on his monthly salary to meet his expenses.
In Spain the amount of the retirement pension is linked to the contribution that the worker has accumulated throughout his professional life. The calculation follows the following logic: The more contributions there are, the higher the amount of this contributory pension..
It is for this reason that workers wonder how much pension they will be entitled to when they reach retirement age, in return for a certain contribution. For example: how much pension remains after 30 years of contributions.
How much pension is left after 30 years of contributions?
As in all cases, you must use the Social Security retirement pension calculation method. The organization calculates the pensions of all workers and, in the event of retirement, it takes into account the years of contributions and the contribution bases for which contributions have been paid during all this time.
The first thing to do is to find the regulatory basis of the worker, resulting from the addition of the contribution bases for the 25 years preceding the retirement request. In this calculation:
- Social Security will apply coefficients to all contribution bases, except those for the last two years, to reflect the effect of inflation.
- Workers (except self-employed and domestic workers) can benefit from gap integration, whereby contribution-free periods are filled with fictitious bases.
The next thing to calculate is the percentage of regulatory base to which we are entitled. It depends on the contribution years and you must use the following equivalences included in Law 27/2011 of August 1 (you can consult it on this link):
- With the minimum contribution required, 15 years, 50% of the regulatory base is reached.
- For each of the following 49 months, an additional 0.21% of the regulatory base is obtained.
- For each of the following 209 months, an additional 0.19% of the regulatory base is obtained.
Based on these percentages, A person who retires with 30 years of contributions will receive 85.18% of the regulatory base.
To this figure may be added, where applicable, the amount of the pension supplement to reduce the gender gap (and which is paid mainly to women, those affected by breaks in contributions generated by maternity: in 2024 the amount of 33.20 euros per month per childup to a maximum of four.
At what age can you retire with 30 years of contributions?
Along with the previous question, it is one of the questions most asked by workers, who, in addition to being curious about what they will earn as retirees, also have the logical concern to do it the most quickly and in the best possible conditions. And, as is the case for the amount, this age depends on the time indicated by the worker.
In Spain, there have been two different contribution ages since the implementation of the pension reform approved in 2011. The age depends on the contribution accumulated by the worker: each year the retirement age increases a little for workers who do not reach a limit which will also increase annually until 2027, the final date of this progressive implementation.
The retirement ages in 2024 are as follows:
- 65 years for people who have contributed 38 years or more.
- 66 years and six months for people with less than 38 years of contributions.
This is why, A person who retires with 30 years of contributions will have to wait until 66 years and six months if you want to do it in 2024.
