How to retire early at 61, 62 and 63: this is the pension you have left

Early retirement can be a really promising option for certain workers who don’t want to make it to retirement. Advancement in professional retirement can be undertaken in different ways, but in any case it depends on the citizen’s age at that time.

Spanish legislation allows workers aged 61, 62 or 63 to retire early, provided that they meet a series of requirements, the fulfillment of which may be different at each of these ages. In all cases, yes, the workers have to assume cuts in the pension to compensate for the advance in that retirement.

How to retire early at age 61

These workers may retire early at this age only if they qualify for involuntary early retirement (which allows up to four years earlier than the ordinary retirement age). For this reason, they must have at least 37 years and six months of contributions, the requirement that is required for retirement at 65 years of age (and thus delay retirement for up to four years).

These voluntary early retirements require contributions for at least two years in the last 15, registration six months before the retirement request and that the termination of the employment relationship is caused by any of the following assumptions:

-A dismissal for economic, technical, organizational or production reasons.

-A dismissal for objective reasons.

-Death, retirement or disability of the individual entrepreneur.

-Causes of force majeure verified by the labor authority that cause the termination of the contract.

-Judicial resolutions in bankruptcy law procedures that terminate the contract.

-Cases of gender violence that force the termination of the contract.

-Serious breaches of the employer that cause an termination of the contract by the worker.

In addition, workers belonging to professions that enjoy a special retirement due to their danger, hardship or toxicity may take advantage of early retirement at the age of 61 if the regulations of their own profession allow it. Social Security collects on its website with access to the legislation that regulates the retirement of mining workers, railway workers, local police, the Ertzaintza, firefighters, aerial work personnel, artists, bullfighters…

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Personnel from the Passive Class Regime who prove 30 years of effective service to the State may also retire at age 61, since in this regime early retirement is allowed if that contribution is reached.

How to retire early at age 62

At this age, workers who take advantage of an involuntary early retirement that derives from an involuntary cessation of work may retire, but provided they reach 37 years and six months of contributions. Of course, from the age of 62 years and two months they will not need to reach that contribution level, since at that time they will be four years below the ordinary retirement age for 2022, of 66 years and two months if they do not reach to the reference price.

The requirements for workers who avail themselves of involuntary early retirement are the same as those at 61 years of age, although with one exception: workers who do so at less than 37 years of age and at least six months must accumulate 33 years of contributions, the minimum for the these early retirements.

Nor does the situation change for workers with particularly dangerous, arduous or toxic professions, as well as for those integrated into the Passive Class Regime, who may retire under the same terms as workers who are 61 years old.

How to retire early at age 63

A novelty is included at this age: workers with 37 years and six months of contributions may take advantage of voluntary early retirement that allows advances of two years with respect to the ordinary retirement age (which would be 65 years in that case). To do this, it is essential that at least two are among the last 15, and have a pension higher than the minimum pension.

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Workers with contributions between 33 and 34 years of age may take advantage of involuntary early retirement if they meet the requirements listed above and which are the same for people who intend to retire at 61 and 62 years of age.

The situation of workers with particularly arduous, toxic or dangerous professions, as well as those in the Passive Classes, is the same: they may retire early at the age of 63 if they meet the requirements set forth in each of their respective regulations. .

What will be the amount of the pension after retiring early?

All these workers will have to abide by the rules that regulate voluntary and involuntary early retirement and that reduce the amount of the retirement pension depending on the years of contributions and the type of early retirement.

This reduction is made from the application of some reducing coefficients that have been seen, which has made them monthly (before they were quarterly) and applicable to the amount of the pension and not on the regulatory basis. These coefficients are different in the voluntary mode and in the involuntary mode and appear in the text of Law 21/2021, of December 28.

Thus, the worker must first calculate his pension according to the one that takes into account the contribution bases of the last 25 years to prepare the regulatory base and then the years contributed to calculate the percentage of the regulatory base to which the citizen is entitled. It will be to that quantity that the reducing coefficients are applied:

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-Between 30% and 4.75% in the first three years of early involuntary retirement, depending on the length of the worker’s previous career and the age at which retirement is anticipated. In the two years prior to the ordinary retirement age, they may avail themselves of the voluntary early retirement coefficients if they are more favourable.

-Between 21% and 4.75% in the first year of advance in voluntary early retirement, also depending on the duration of the career and the moment in which retirement is advanced.

For their part, workers who carry out any of the professions with special pensions due to their dangerousness, toxicity or hardship must go to their specific regulations to consult what are the reduction coefficients that apply to their retirement pension.

In addition, the workers of the Passive Class Regime are entitled to certain percentages of their regulatory assets (the equivalent of their regulatory base) based on the years of practical service to the State. With 30 years, the minimum to retire early, this percentage is 81.73% and reaches 100% with 35 years of contributions.

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