In Spain, the retirement system has recently changed. The age set for this may be altered depending on the contribution circumstances of each individual. It is possible to access early retirement, and enjoy all its benefits, if certain requirements are met.
What exactly is early retirement?
Early retirement refers to the possibility of accessing labor retirement before the established legal age. This process entails certain conditions and requirements that the applicant must meet to enjoy its benefits.
Benefits of opting for early retirement
By retiring earlier, you gain greater freedom to spend time on personal activities, hobbies, or even take on new projects. These years earlier, allowing work stress to be reduced can have positive effects on health, especially at older ages.
However, it should be noted that although there may be a reduction in the amount of the monthly payment. It is possible that, in certain cases, the total received during the entire retirement period is higher than that of the ordinary retirement.
Requirements and conditions
Not everyone can access early retirement. There are certain criteria, such as:
Years of contributions: The applicant must have contributed for a minimum of 35 years. Age: Although it is an “early” retirement, a minimum age is still required. Reason: There are situations, such as collective layoffs, that can facilitate access to this type of retirement. .
Economic aspects to consider
Early retirement carries certain financial repercussions such as reduced pay. When opting for this modality, you must take into account that the monthly payment is usually less than that of the ordinary retirement.
However, the long-term profitability is higher. Despite receiving a smaller amount monthly, adding up all the payments over the retirement period can be beneficial.
How to calculate my pension in case of early retirement?
It is essential to obtain adequate information before making a decision. Online tools and simulators offered by entities such as the INSS allow you to obtain an estimate of the payment that would be received under this modality.
Tips before deciding
Before opting for early retirement, it is important to obtain adequate information and consult with experts. Also, use available calculation tools.
Early retirement is not the best option for everyone. It is crucial to evaluate the economic, work and personal situation before making a decision.
The worker must ensure that they have a solid financial strategy for retirement is essential, regardless of the retirement modality chosen.
Early retirement is a tool that, under certain conditions, can offer significant benefits. However, it is essential to educate yourself and plan properly to ensure it is the best decision based on individual circumstances. With the right information and careful planning, it is possible to take full advantage of the advantages that this modality offers.
