When retirement age approaches, it is very common to have certain doubts about whether we are entitled to a contributory or contributory pension and, if so, to know what the amount of said pension would be. For these cases, Social Security has a tool to help citizens.
The agency has a calculator service to know how much retirement pension will be charged in the event that the citizen is entitled to it . It can be found on the ‘Your Social Security’ platform and requires access with a digital certificate (you can get it in four simple steps ), electronic DNI or Cl @ ve , although if you do not have any of these methods you can authorize the use to a representative to do so on our behalf.
At the link below , you can start the process. To begin, you must indicate how you access (as an interested party or by delegating a representative or a proxy) and, once registered, you can start the simulation.
The system will ask you for information about your personal and economic situation, as well as the relative previous contribution of the worker. The objective is to know if the retirement requirements are met (in the modality you want) and to be able to make a pension calculation as adjusted to reality as possible, designing projections for the future according to the current situation of the worker.
When it comes to collecting the information, Social Security also has a great help: the data provided by the citizen will be added to the information in real time that appears in the agency’s database. By combining both ways of data collection, the Social Security ensures a quality simulation.
In addition, the system allows you to develop different scenarios to know the impact it will have in the face of a possible pension: you can introduce new contribution bases, unemployment situations, early retirements, delays in retirement … all, with the aim of inform the worker what his pension would be in each of these situations.
The requirements to have a retirement pension
In general, people who want to retire after reaching the ordinary retirement age will have to accumulate a minimum of 15 years of contributions , of which two must be within the 15 years immediately prior to the date of applying for the pension.
That retirement age to be reached depends on the years previously contributed: it will be 65 years for those with at least 37 years and three months of contributions and 66 years for the rest of the workers.
How the pension is calculated
The method of calculating pensions takes into account two aspects: the regulatory base and the years of contributions that determine the percentage of the regulatory base to which they are entitled.
In 2021, the regulatory base is obtained by joining the contribution bases of the last 24 years (288 months) and dividing them by 336. The result is that regulatory base that is used as a reference to know the amount of the pension.
Then you have to pay attention to the worker’s contribution. At 15 years of age, they will be entitled to 50% of the regulatory base (or the minimum pension) and from that moment on, during the first 106 months, they will add 0.21% of the regulatory base for each month and 0.19% of the base regulatory for each of the remaining 146 months. This means that with 36 years of work you are entitled to 100% of the retirement pension.