The retirement pension in Spain depends on the number of years of contributions to Social Security and the number of those contributions. In addition, there is a minimum pension to which all workers who meet the requirements to receive the contributory pension are entitled.
This minimum pension varies depending on retirement age and personal situation. The minimum amount for those who retire at age 65 without a spouse is 10,963.40 euros, while a person with a non-dependent spouse will receive 10,406.2 euros.
How many years do you have to contribute to receive the minimum pension?
This minimum pension is universal for those who are entitled to the contributory pension, which is the majority. So much so that there are 6.38 million contributory retirement pensions for just 273,000 non-contributory pensions.
This minimum pension is universal for those who are entitled to the contributory pension, which is the majority. So much so that there are 6.38 million contributory retirement pensions for just 273,000 non-contributory pensions.
All people who reach this contribution milestone will receive a contributory retirement pension and, therefore, also the minimum pension. In fact, if the amounts for which they have quoted do not reach that amount, a minimum supplement will be added.
This is how the money contributed to the pension affects
The above does not mean that the money you collect does not influence your retirement pension. The truth is that the higher the salary and Social Security contributions, the higher the public pension will also be.
Of the money contributed to Social Security, what is taken into account for the calculation of the pension is the contributions for common contingencies, which add up to 28.3% of the contribution base. Of this percentage, 23.6 percentage points are contributed by the company for the 4.7 points that fall on the worker.
In any case, just as there is a minimum pension, there is also a maximum pension that you can collect regardless of salary and which is set at 42,823.34 euros per year.
How to calculate what your pension will be
23.7% of pensioners receive the minimum pension and 21.3% do so thanks to minimum supplements. The rest receive a pension according to the amounts for which they have contributed and the number of years contributed.
The two key variables to calculate the automobile retirement pension and as an employee the regulatory basis are and the contribution period.
The first thing is to find out the regulatory base, which is the maximum pension you can collect. This base is the result of adding the last 300 months of contributions (25 years) and dividing that figure by 350.
Starting in 2024, the number of years will gradually increase to reach 29 in 2044. In addition, Social Security will choose the best result between this formula or taking the last 29 years of contributions and restoring the two worst years.
On this regulatory basis, Social Security will apply a regulatory percentage based on the time you have worked. With a 15-year contribution you will be able to access 50% of the regulatory base. That is, you will be able to collect half of 100% of your pension.
To collect the minimum pension you have to work 15 years. How many years do you have to contribute to collect 100% of the pension? A total of 36 years and four months.
With 15 years of contributions you will receive 50% of the pension. With 16 years of contributions you will receive 52.52% of the pension. With 17 years of contributions you will receive 55.04% of the pension. With 18 years of contributions you will receive 57.56% of the pension. pension.With 19 years of contributions you will receive 60.08% of the pension.With 20 years of the pension.With 62.60% of the pension.With 21 years of the pension you will receive 65.1 2% of the pension.With 22 years of contributions you will collect 67.64% of the pension.With 23 years of contributions you will collect 70.16% of the pension.With 24 years of contributions you will collect 72.64% of the pension n.With 25 years of contributions you will collect 74.92% of the pension.With 26 years of contributions you will receive 77.20% of the pension.With 27 years of the pension.With 79.48% of the pension.With 28 years of contributions you will receive 81.76% of the pension.With 29 years of contributions you will receive 84.04% of the pension.With 30 years of the pension.With 86.32% of the pension.With 31 years of the pension you will receive 88.6 0% of the pension.With 32 years of contributions you will receive 90.88% of the pension.With 33 years of contributions With 34 years of contributions you will receive 95.44% of the pension. With 35 years of contributions you will receive 97.72% of the pension. With 36 or more years of contributions you will receive 100% of the pension.
These percentages change if you decide to advance your retirement age. With early retirement, a series of reducing coefficients are applied depending on the number of months the retirement advances and the time you have contributed.
