Even if you think that doing the retirement pension calculation It can be something very easy for most people, in Spain, 72% of the people who must collect their retirement do not know how to calculate the pension to know when they will collect.
Social security is the mediating figure between companies and the people who are working in them. When the time to end the active period for workers, is to one Social security office they should go to after turning 65. Social security is required to give workers a retirement pension for the entire time they have been working. In order to have access to this retirement, the person requesting it must have worked at least 30 years with a contract.
What are the types of pension you can access
Once the person finishes their working life cycle (which is usually after 65 years), that person has the right to enjoy a retirement pension for the rest of your life, which can be divided into two types of pensions.
THE TAX PENSION
The contributory pension is given to workers at the end of their total contribution period and to which they are entitled by law. This retirement pension can only be requested by people who have more than 15 years contracted and at least the last two of those years contributed to social security. It is not necessary to have been in the same company or to be 15 years in a row.
THE NON-TAX PENSION
This type of non-contributory pension can be requested by people who do not have 15 years of contributions to social security.
This type of non-contributory pensions They can be requested even if they have not been 15 years old. These pensions can be obtained in cases of disability of more than 30% and also for retirement; however, you should go to your autonomous community, since each one has its own requirements.
What are the requirements you have to have to request retirement in Spain
If you are thinking of requesting the contributory pension but you do not know what are the requirements that must be met, we are going to tell you below.
- In order to access retirement you must be at least 65 years old
- To request this help, the person must not be registered or have an employment contract still in force. In addition, you should not have other disability assistance as it may be illegal to ask for it, and we are committing a crime.
Advance pension
The anticipated pension can be ordered before age 60 and it is for workers who have a mutual status in which they already have 30 years of contributions and 61 years of age.
There are some specific cases in which some people can retire at 64 years of age and have the same economic benefits as at 65 years of age. This option was considered valid during 2002 and was taken as a special government measure by means of which it was intended to promote employment.
Partial retirement
This type of retirement occurs in residual cases. It gives the option of having an income from work and being able to request the retirement assistance after turning 60.
Another of the things in which this type of retirement helps is that you can continue to keep this type of retirement pension and work at the same time even if you are 65 years old; however, in order to continue to keep this type of aid after age 65 you must have a relief contract.
Specific situations
With regard to the special situations of the retirement pension application, specific cases are distinguished, for example, this help can be obtained before the age by very specific situations such as having problems with inability to workBut you will never be able to get retirement aid before age 65.
How the retirement pension is calculated
As we have already told you at the beginning of this topic, more than 70% of the population does not know what amount of money or retirement pension they are entitled to once it is time to retire and they do not know what There are differences between one amount and another depending on the age at which you retire and the type of retirement you choose.
What you need to be able to know the amount of money you are going to collect in retirement:
The first thing you have to know to calculate the amount of money is to know what is the number of days that you have worked or have been on discharge, since only the days that you have been with a contract in the company will count and not the days that you have worked without it. Also You must know what the daily or monthly contribution bases are as stipulated in each of the registration periods that have been given.
The regulatory base
The regulatory base is an average of all the contribution bases updated during the last 15 years. In this average, the extras are eliminated and only the CPI is taken into account. You must have 180 contribution bases, which are those that relate to the last 15 years.
Afterwards, it must update the value of each of the bases, through the CPI so that they are revalued to the current time so that you can know the real value. Keep in mind that the only ones that don't you must revalue are the 24 most recent, since those have the current market value.
Now, it must add the contribution bases one by one and divide them by 210, which are the monthly payments for 15 years.
Reductions and percentages
Once we have the first step ready and we know what the regulatory base is; the next step is apply different reducing coefficients.
These points reduce the retirement pension
- If it is done 15 years after having worked, the percentage is 50%
- If it is done to the years of work, the percentage is 65%
- If done at age 25, the percentage is 80%
- If done at age 30, the percentage is 90%
- If it is done after 35 years of work, the percentage is 100%.
What does this mean?
To be able to understand the table it is very simple. For example, If you want to request retirement at 15 years of contributions and your regulatory base is 1.000 euros, the amount that corresponds to you is 500 euros. The more years you have worked, the greater the amount you earn.
People who continue working after 65 years increase their pension by 2% for each additional year who have not applied for retirement aid and if they are hired. It is very important that the person is hired.
People who demonstrate that they have had more than 40 years of contributions when requesting the retirement pension have up to 3% more.
Simulators to calculate the pension
Finally, we have to tell you about the simulators to be able to calculate the pension that we have.
In order to calculate the amount of money that we have with each pension through the simulator, the first thing we must bear in mind is that you should not use any internet tool, since we do not know to whom we are giving our personal data.
You must know that the Social security page has a simulator active to calculate the amount of money that corresponds to us when we retire. It is a very safe application and can be used at any time of the year.
To be able to do it through the simulator, you must have the work life report and contribution base data from previous years.
Botton line
As you can see in this post, doing the calculation by hand can be very complicated and it can also take several days since there are many papers and many costs have to be taken into account; what can cause that at a certain moment you can miss a number and have all the accounts wrong. If you want to do it manually, you must pay close attention.
Another thing to keep in mind is that the more years you have worked, the higher the amount you have to collect when you have your retirement. Obviously, and except for work problems and the difficulty of finding work, what is recommended is to work as many years as possible to qualify for a greater amount of money.
Finally, you should bear in mind that the system can alter the final amount of money a bit, so it is convenient that you have all the documents at hand to be able to claim in case it is necessary because the amounts do not match.