One of the big questions asked by people who are close to retiring is what their remaining retirement pension will be like once they have completed their professional career and opt for retirement after decades of contributions.
However, sometimes it is difficult to know for sure what money we will have left with the pension. Doubts about our contribution bases, the possibility of taking advantage of an early or forced retirement instead of an ordinary one… the citizen may have certain doubts in the years prior to his retirement and, for this reason, Social Security has arranged a tool at your service.
It is a calculator that allows us to approximate the amount of the pension that we will have if we have just applied for it or, where appropriate, the one that we will have in a while if we have the same contribution bases as today.
This calculator can be accessed through the ‘Your Social Security’ portal, either through a Cl@ve PIN or a digital certificate (), or by giving permission to a representative to do so on our behalf. When the user identifies himself in said portal, he has to enter the ‘Work’ section and then ‘Simulate your retirement’. At that point, you must enter the data that the system asks for.
“the simulation is carried out taking into account the real information of the applicant, on the date of the simulation, which appears in the Social Security databases”, which results in the projection of the pension with the parameters that the user gives.
In addition, it allows the interested party to modify different future scenarios to see what effects it would have on their retirement: registration in another scheme, incipient situations of unemployment, changes in the contribution bases…
How to calculate the retirement pension
The Spanish retirement system takes into account two main variables: the number of years worked and the regulatory base. In the first aspect, it takes 15 years to be entitled to a minimum pension (50% of the regulatory base) and that, of those 15, at least two occur in the last 15 years. From that moment on, and as we add months, we will be entitled to a higher percentage of that regulatory base, between 0.19% and 0.21% per month, until we reach 36 years, which entitles us to 100% of the pension.
To calculate the regulatory base, the last 24 years of contribution must be taken into account. The sum of the bases of all this time is divided by a divisor of 336, which gives us the regulatory base as a result. With it and the previously calculated percentage we will have .
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