At what age you can retire with 15 years of contributions

edad jubilación 15 años cotizados

The retirement age in Spain is changing in 2024 In Spain, the pension system is undergoing significant changes to adapt to current demographic and economic realities. As a preview, we will tell you that starting next year, a minimum contribution period of 15 years is required to collect a contribution pension. But let’s get to the parts:

The retirement age will change for better or worse for many

According to the current regulations, to receive a contributory pension in Spain, it is necessary to have contributed for a minimum of 15 years, of which at least two must be in the last 15 years before retirement. For those who meet this requirement but have only contributed for 15 years, the pension will be 50% of their regulatory base. Currently, the retirement age is 66 years and four months for those with 15 years of contributions, but this is expected to change in the near future.

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Since 2013, Spain has implemented a dual retirement system, which will be fully implemented in 2027. This system establishes that the retirement age will be gradually increased for those who do not reach the minimum required contribution. For example, in 2023, the retirement age will be 65 years for those with at least 37 years and nine months of contribution, and 66 years and four months for those who do not meet this requirement.

To calculate the retirement pension benefit, the last 25 years of contributions before the cessation of activity are taken into account. The sum of contributions for these months is divided by 350. Those who have contributed for only 15 years are entitled to 50% of this regulatory base.

The retirement age will change for better or worse for many

There are changes going on. For example, an increase in minimum pensions is planned to help pensioners escape the poverty line. In 2027, the minimum pension contribution for people over 65 with a dependent spouse is expected to reach 60% of the median household income. In addition, work is being done to improve the pensions of those who have many irregular work careers, expanding the range of non-contribution periods.

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There are also initiatives to increase the income from the pension system. For example, Social Security contribution limits will be phased out, and annual increases will be implemented until 2050. These measures are expected to increase minimum pensions, although to a lesser extent than maximum pensions. Other measures include strengthening the mechanism of intergenerational equity and creating a “solidarity quota” for parts of the salary that exceed the maximum contribution base.

Calculation of the new retirement age

In Spain, the calculation of the regulatory basis for determining the retirement pension is carried out using a specific method that considers the income of the worker during a significant period of his working life. This process ensures that the pension fairly reflects earnings throughout the individual’s career.
For calculation, the last 25 years of contributions are counted before the time of retirement. Add it all up and divide it by 350.

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The pension system in Spain is undergoing a phase of reform and adaptation with the aim of ensuring its long-term viability and improving the conditions of pensioners, especially those with low incomes or less stable careers. These changes reflect an effort to maintain a balance between sustainability and social justice in the context of challenges that, as we have seen, are constant.