How many years do you have to contribute to collect the minimum pension?

When the moment of retirement approaches, the first doubts arise regarding whether we will have contributed enough years to be recipients of a contributory pension. This fact will generate that in the golden years we can count on a regular income every year with which to meet the expenses of our needs. To dispose of this important, the Social Security Treasury It will provide you with all the information about your employment status. To the point that you will know with complete fidelity if you are going to enjoy these amounts and for what amount. In case of doubts, you will have no choice but to contact this body to clarify them correctly.

It is very convenient first of all that you distinguish what are contributory pensions from those that are not. Because their mechanisms are completely different and the fact that you cannot access the first ones will not prevent you from being a recipient of the non-contributory ones. Because this option will depend on the years that you have quoted throughout your work or professional career. Not surprisingly, the difference in the amounts is very relevant when the moment of retirement comes to you in the world of work.

Well, contributory pensions are economic benefits and the granting of which is generally subject to a prior legal relationship with Social Security. For which you will have no other solution than to provide a minimum contribution period. Forever from 15 years of contributions on your entire work-related history. While on the contrary, non-contributory pensions differ in that it will not be necessary for you to have previously quoted. You can even get them without having worked in your entire life.

Minimum amount of pensions

The aspect of greatest interest will be based on what will be the minimum limit that you will get to charge when this stage in your life arrives. At this time, the minimum pension is associated with the annual pension revaluation regulations. Just a few weeks ago its amount was revalued so that retirees can face the rise in prices shown in the consumer price index (CPI). Another factor that you should take into account is that they are distributed in 14 monthly payments. That is, two extras that you will charge in the months of June and December and that will be made up as extraordinary payments.

In this sense, the 2018 budgets incorporate the revaluation of pensions with 0,25% and, in addition, the new measures aimed at raise the lowest pensions they will affect about 6 million pensioners. From this scenario, the Ministry of Finance calculates that the average rise in minimum pensions, with an increase of 250 euros and reaching the amount of up to 12.040 euros. With an average rise of around 100 euros. In practice it will mean an increase of 3% for minimum pensions. While on the contrary, widowhood pensions will rise by 2%, that is, one percentage point less. So that in this way, they receive an amount of 450 euros more per year.

If the pension cannot be accessed?

In any case, there is an essential requirement to collect this kind of official pensions. It is none other than having contributed 15 years in your work or professional life. If this was not your case, you would not have the right to any perception of this income. Not even the minimum pension no matter how much you contribute other kinds of accreditations. In this specific case, you would have no other solution than to resort to non-contributory pensions, which are made under completely different parameters and which have nothing to do with the one you had planned from the beginning.

In this sense, the non-contributory pension carries a full fee that is 5136,6 euros every year. Although you also have amounts that can be exceeded and that is 1284,15 euros per year. Amount that is intended for people who provide the following characteristics:

• You must have a minimum age 65 years and from which you can sue it at any time in your life.
• La you will have legal residence in Spain. For a minimum period of at least ten years of residence. Of which, two of them must have been immediately prior to the date of application for the non-contributory pension and without interruption.
• You need necessarily lack income. In this sense, you will be integrated into this social group when your annual income does not exceed 5.136,60 euros.

Retirement age

It will also be very important that you take into account at what age you can enjoy a contributory retirement. Well, this period is 67 years and 37 years worked. You can also carry out this process at age 65, although to collect the full pension, that is, 100%, it will be completely necessary that you have 38 years and 6 months of contributions. Because if not, the amount will drop significantly compared to the previous calculations. Not surprisingly, your situation will not be so satisfactory if you choose to advance the deadlines. To the point that you should assess whether or not it is convenient for you to make this move in your work situation from now on.

On the other hand, you cannot forget that you can qualify for unemployment benefits before it is time to retire. Another of the characteristics of this modality is that the time you are charging for the unemployment benefit it will be quoting you for the quotation that you will have to collect a few years later. In a certain way, this is what usually happens with the ERE that a good part of the companies in this country apply. It is a formula that workers embrace in order to ultimately be in a better position to have a good pension for their golden years.

Progressive nature of pensions

Of course not, if you want to have a minimum pension, you will have no choice but to contribute for many years in your working life. The more they are, the better it will be for your personal interests. Among other reasons because it will entail a more demanding pension amount. In proportions that will go depending on the years worked. From this general scenario, you will be interested in your work life being extended to the maximum levels. And with regard to self-employed workers, it will require that during the last years of your working life it be based on a broader contribution base. Not from the minimum of 300 euros with which some of these self-employed workers operate.

Nor can it be forgotten that another requirement for you to collect the pension from now on is based on the fact that you will have to contribute for at least two years during the last 15 years. This aspect is important to the point that there are some workers who frequently neglect this aspect. Not surprisingly, it can generate some other problem for the collection of their retirement. Therefore, it is very convenient that you take this factor into account during the last moments of your working life. So that you cannot play a bad past at the most critical moments of your relationship with the world of work. Beyond other technical considerations to calculate what your retirement will be when you finally stop working.

Other considerations to assess

If you do not want excessive problems to face retirement, you should ask the official bodies what your real status is with respect to the years of contributions. Tea will give the approximate calculation of what you have to perceive during those years. So that you can even choose the most correct age to end your working life before collecting a contributory pension. In another vein, seeking the services of an agency will also facilitate this task with a result that can be very satisfactory for your personal expectations.

If for any reason, you find that the pension you are going to collect is minimal, you always have the option of opting for a retirement plan that will generate more income in this new stage of your personal life. Through these financial products they can get a return on your savings around 3% or 4%. Which will help you to lead a more optimal standard of living at the final moment of retirement. It is a management that you can formalize through equities or fixed income. Depending on the needs you present for the stage as a retiree. Thus, as depending on the profile you present as a saver.

This is something you should do if you find that you will have a minimum pension that will prevent you from living without excessive problems. So that you count, in addition to your retirement, with an income generated from this guideline of action to which all workers can take advantage of a few years in advance. So that in this way, the income every month rises with a certain intensity and you do not have to settle for the minimum pension that will be just over 600 euros per month. It is very convenient that you take this factor into account during the last moments of your work life.