Workers who choose voluntary early retirement They face reductions in the amount of their pension. These penalties are not fixed and vary depending on the years of contributions and the months in which retirement is brought forward, with cuts that can range between 2.81% and 21%. If the calculated pension exceeds the established maximum limit, the Social security will apply an additional reduction that will increase progressively each year.
Voluntary early retirement allows employees to retire earlier than usual, with the option of advance up to 24 months regarding the legal retirement age. To determine the amount of the pension, first the regulatory basiswhich represents 100% of the pension. Subsequently, the reducing percentages are applied according to the years of contributions, resulting in the final amount that the retiree will receive.
Voluntary early retirement in 2024
Social Security offers a table on its website that shows the reducing coefficients applicable to pensions, according to the years of contributions and the months in advance of retirement. The penalties vary depending on the years of contributions. For example, those who have contributed for less than 38 years and six months have a significant reduction in their pension if they decide to retire early.
The reduction percentages They are more severe for those who have fewer years of contributions, reaching up to 21% for going two years early. As job seniority increases, the penalty decreases. Thus, workers with more than 44 years and six months of contributions see their pension reduced by 13% if they retire two years early. Furthermore, it is important to keep in mind that to access this pension a minimum of 35 years of contributions is required.
Calculation of the regulatory base
The calculation of the pension that a pensioner will receive from National Social Security Institute (INSS) It is based on two fundamental elements: the regulatory base and the type of pension requested.
The regulatory basis It acts as a reference for calculating various pensions, including retirement, permanent disability and sick leave. It is determined based on the worker’s contribution bases during a specific period, reflecting how much they have contributed to the system before requesting the pension.
For calculate the regulatory base In the case of retirement, several steps must be followed. First of all, you must consult the contribution base, which can be done at the Social Security Electronic Headquarters. Then, it is necessary to determine the reference period, which in 2024 corresponds to the 25 years prior to retirement. Subsequently, the contribution bases must be updated according to the Consumer Price Index (CPI) and finally, all the bases must be added to obtain the total. This amount is divided by 350 to calculate the final regulatory base for the retirement pension.
Regulatory base of 1,800 euros
The regulatory base of 1,800 euros directly affects the amount of the pension, depending on the months in advance of retirement and the years of contributions. For workers with less than 38 years and six months of contributions, if they decide to retire two years before the legal age, their pension would be reduced to 1,422 euros. In the case of advancing only one month, the adjusted pension would be 1,739.32 euros.
Those who are between 38 years and six months and 41 years and six months of contributions, if they choose to retire two years early, their pension would be established at 1,458 euros, while if they advance it one month, the figure rises to 1,740.02 euros .
On the other hand, those who have accumulated contributions between 41 years and six months and 44 years and six months would receive 1,494 euros if they retire early for two years. On the other hand, if they only advance their retirement one month, the pension would be 1,744.68 euros. For those who have contributed for more than 44 years and six months, the reduction is less drastic: the pension would remain at 1,566 euros for an early retirement of two years.
Regulatory base of 2,500 euros
When considering a regulatory base of 2,500 eurosthe amount of the pension varies depending on the time of contributions and the months before retirement.
For those with less than 38 years and six months of contributions, if they decide to retire two years before the legal age, their pension would be reduced to approximately 1,978 euros. If they choose to advance only one month, the pension would be 2,174.12 euros.
Workers who are between 38 years and six months and 41 years and six months of contributions would see their pension established at 2,042 euros if they choose to retire two years earlier, while if they retire one month earlier, they would receive 2,175.02 euros.
On the other hand, those who have accumulated between 41 years and six months and 44 years and six months of contributions would receive a pension of 2,088 euros for retiring two years early, and 2,178.68 euros if they only retire one month early.
Finally, for those who have contributed for more than 44 years and six months, the reduction would be smaller, with a pension of 2,144 euros for anticipating retirement two years and 2,180.62 euros if it is advanced one month.
