One of the most frequently asked questions in the months or years prior to retirement is what pension will we have left to enjoy the last stretch of our lives. This is a very important calculation, since it will allow us to know the money that we will have every month when we retire, with what that entails.
First of all, it is important to know that, apart from early retirement, there is an age requirement to access retirement: the mandatory age, which in 2021 will be 66 years in general and 65 years for those workers who have contributed at least 37 years and three months, according to .
If we meet these requirements, we can start calculating the pension. Special attention must be paid to two aspects: the regulatory base and the years contributed to Social Security. The agency explains that the amount is obtained “by applying to the regulatory base the general percentage that corresponds based on the years of contributions.”
Thus, each year a series of computable months and years of contribution is taken into account, as well as a divisor. For 2021, the last 24 years worked are taken into account, that is, the last 288 contribution bases, which must be divided by 336, the divisor corresponding to this year. This calculation would give us the regulatory base, or what is the same, the maximum amount that can be charged.
Because then you have to take into account the total number of years worked. Depending on the amount that we accumulate, we will be entitled to a specific percentage of the regulatory base. The minimum is 15 years, which gives the right to 50% of the base. From then on, for each month of extra contribution, 0.21% is added between months 1 and 106, and from month 107 that monthly percentage will be 0.19%. At this rate, Social Security expects that they will be entitled to a pension equivalent to the maximum of the regulatory base in 36 years.
However, there are cases in which workers decide to voluntarily extend their working career despite having exceeded the mandatory retirement age. For these people, a series of extra bonuses are granted that depend on the years previously quoted and that would increase the maximum percentage of the regulatory base, if they are entitled to it. Of course, it will not be able to exceed that allowed by the revaluation of pensions, which for 2021 is 2,707.49 euros per month and 37,904.86 euros per year.
-Workers with less than 25 years of contributions will receive a bonus of 2% for each additional year worked after reaching retirement age.
-Workers between 25 and 37 years old will have a bonus of 2.75% for each year.
-Workers over 37 years of age will have a bonus of 4% per year.
The Social Security Calculator
In case of doubt, you can always go to the one made available to citizens, . It can be accessed with a digital certificate () or username and password.
Entering our personal and contribution data, this tool projects the pension that we will have in the future, but always according to our current conditions. It does not take into account changes in the contribution or time worked between now and the ordinary retirement age.
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