Understanding retirement with a minimum contribution
Retirement is a defining moment in anyone’s life, but it’s important to know that not all contribution periods are the same. In Spain, if you have only contributed for 15 years, you are in a situation that requires special attention. Next, we will analyze how the pension is established in these cases.
Requirements for early retirement
To access a pension with 15 years of contributions, it is essential that at least two of these years are from the 15 that precede your application. This will allow you to opt for a pension, but keep in mind that the amount will be limited. The amount you will receive will be calculated on your regulatory base, which is determined from the contribution bases of the last years worked.
The regulatory basis and its impact
The regulatory base is a crucial element in the calculation of the pension. Currently, it is established based on the contribution bases of the last 25 years. With only 15 years of contributions, you will not be able to access 100% of your regulatory base, but a proportional percentage will be applied to you, which in this case is 50%.
How much can you expect to receive?
The amount you will receive monthly will be directly related to your regulatory base. For example, if your regulatory base is 1,000 euros, your initial pension would be 500 euros per month. Next, we analyze how this amount varies with different regulatory bases.
Practical examples
We consider the following scenarios to illustrate the impact of the regulatory base on the final pension:
– Regulatory basis: 800 euros. Pension with 15 years of contributions: 400 euros per month.
– Regulatory base: 1,200 euros. Pension with 15 years of contributions: 600 euros per month.
– Regulatory basis: 1,600 euros. Pension with 15 years of contributions: 800 euros per month.
The retirement age and its effect
The age at which you decide to retire will also influence the final pension amount. In Spain, the legal retirement age is gradually increasing until it reaches 67 years. If you choose to retire early, your pension will be reduced, and if you wait longer, you can improve your monthly amount.
Supplement to minimums: a safeguard
For those with very low initial pensions, there is the possibility of accessing a minimum supplement. This supplement aims to ensure that the pension reaches a legally established minimum level, especially if the pensioner has no other income.
Final reflections
Before you decide to retire with just 15 years of contributions, it is essential that you consider whether the resulting pension will be able to cover your basic needs. A lower pension can significantly affect your quality of life in retirement, so take the time to consider your options carefully.
