Introduction
Social Security provides a number of basic benefits for many people, and the retirement pension is one of the most popular. It is important to know the requirements to be able to access this benefit.
Retirement age
The ordinary retirement age in 2024 is 65 for workers who have contributed more than 38 years. But if they have contributed less than 38 years, they will have to wait until they are 66 years and 6 months to end their working life.
Requirements for the retirement pension
To receive the retirement pension, a minimum of 15 years must be contributed. People who do not reach this period will receive a non-contributory benefit. This provision is in charge of the Institute of Seniors and Social Services (Imserso) and the competent bodies of each autonomous community.
Benefit for housewives
Housewives who have not reached the age of 15 may be entitled to a benefit if they meet a series of requirements.
Requirements for the non-contributory retirement benefit
To access this benefit, you must have resided in Spain for at least 10 years, and two must be consecutive and immediately preceding the request. Economically, the annual income cannot exceed 7,250.60 euros if the person lives alone. If you share housing with more people, the income limit varies depending on the people in the cohabitation unit and whether there are relatives.
Income limits according to kinship
Income limits vary depending on the kinship between cohabitants. For example, if you live with your spouse and/or second degree consanguineous relatives (siblings, grandparents and grandchildren), the annual income cannot exceed 12,326.02 euros for two people living together. If there are 3, the limit is 17,401.44 euros and 22,476.86 euros if 4 people live together.
Benefit amount
The minimum amount of the non-contributory pension in 2024 is 517.90 euros per month, which is paid in 14 payments. In June and November, the beneficiaries will receive an extra income of the same amount.
Conclusion
Social Security offers important benefits such as the retirement pension. It is important to know the requirements to be able to access these benefits and ensure a stable economic future.