The importance of planning for retirement
Retirement represents a significant time in a person’s life, but what if your career has been short? In Spain, to access a contributory pension, it is necessary to have contributed for a minimum of 15 years, but this may entail limitations that must be considered.
Requirements for retirement with 15 years of contributions
To access a pension after only 15 years of contribution, it is essential that at least two of these years have been within the 15-year period preceding the application. If this requirement is met, you can access a pension, but the calculation will be made taking into account the regulatory base, which will be reduced to 50%.
What is the regulatory basis?
The regulatory base is the starting point for determining the amount of the pension. It is calculated based on the contribution bases of the last years worked, which currently include the last 25 years. With only 15 years of contributions, the pension will not be equivalent to 100% of this base, but a proportional percentage will be applied.
How much can you expect to receive?
The amount you will receive as a pension will depend directly on your regulatory base. This value is essential to establish the monthly amount you will receive in your retirement.
Practical examples of pensions
To illustrate, here are some examples of pensions with different regulatory bases:
– Regulatory base of 800 euros: monthly pension of 400 euros (50% of 800 euros).
– Regulatory base of 1,200 euros: monthly pension of 600 euros (50% of 1,200 euros).
– Regulatory base of 1,600 euros: monthly pension of 800 euros (50% of 1,600 euros).
These examples show that, although a higher regulatory base implies a higher pension, with 15 years of contributions the percentage will always be limited to 50%.
Additional aspects to consider
The retirement age is another determining factor. In Spain, the legal retirement age is constantly increasing, reaching 67 in 2027. If you choose to retire before this age with only 15 years of contributions, the pension will be significantly lower than what you could receive if you had worked more years
Minimum supplement
In some cases, if the resulting pension is insufficient, it is possible to access a minimum supplement, which helps ensure that the pension reaches a minimum threshold established by law. This supplement is granted if the pensioner’s total income does not exceed certain limits.
Final thoughts on early retirement
Deciding to retire with only 15 years of contributions is a step that requires deep thought. It is essential to assess whether the resulting pension can cover basic needs and maintain an adequate quality of life during retirement. Planning is key to avoid unpleasant surprises at this significant stage of life.
