The Social Security notice: this is what you are going to collect for retirement and how you can calculate it

The most repeated question by workers throughout their lives is how much money will they have left when they retire, that is, the amount of the retirement pension. And while there is no standard answer, Social Security holds the key to unraveling this mystery.

The organism, through its profile of attention to the citizen of the social network Twitter, has reported that the amount of the retirement pension “it depends on the years you have contributed and your contribution base“The explanation of Social Security lies in its calculation method for pensions.

This method, as the agency has been responsible for counting, takes into account the time contributed by the worker. This period determines the percentage of the regulatory base to which you are entitled. Said regulatory base, in turn, is made up of the contribution bases for the last period of the worker’s working life.

Specifically, the regulatory base of the worker is made up of the contribution bases for the last 24 years (a total of 288 months), divided between 336. If the worker had within that period stages in which he had not contributed, he may use the integration of gaps, which fills those gaps with the minimum base in force for the first 48 months and with 50% of said base the following months.

Once this regulatory base has been obtained, it is time to check the years listed. It takes a minimum of 15 years of contributions (two in the last 15) to cause the right to a pension, minimum or 50% of the regulatory base. In order to have a higher percentage of the regulatory base, more years of contributions must be accumulated: an extra 0.21% for each of the following 106 months and 0.19% for each of the 146 subsequent months, according to Security Social.

Thus, if you need at least 15 years of contributions to qualify for a pension, to be able to charge 100% of the regulatory base, what is known as the full pension, the worker has to reach 36 years worked.

Changes to calculate the pension in 2022

However, one of these scales will change in 2022. The reason is the pension reform of 2011, which was designed with the aim of extending the years to be taken into account to calculate the pension through a progressive calendar that began in 2013 and that ends next year. This last step of the reform will make the last 25 years (one more) to calculate the regulatory base of workers and the divisor will be 350 instead of 336.

After these modifications, a point is made and followed by the way of knowing the regulatory base, but not a full stop: the Government’s intention is to increase the number of years, as has been agreed in the reform calendar to collect the aid of the European Union granted because of the coronavirus pandemic. José Luis Escrivá, Minister of Inclusion, Social Security and Migration, has proposed that they take up to 35 years, although with news such as improvements in the integration of gaps or the possibility of choosing the years to consider.

So you can calculate what your pension will be

If a citizen has doubts when it comes to knowing the amount of the retirement pension, they can use the Social Security simulator, an especially useful tool in the stages closest to retirement and that allows you to get an idea of ​​the pension that may result after a lifetime of work, according to the organization on its website.

To access it, you must enter the platform ‘Your Social Security‘with digital certificate (you can get it in four easy steps), username + password or Cl @ ve PIN. By introducing the data relating to the years of contributions and the contribution bases, you will be able to obtain an approximate calculation of the resulting pension, as well as prepare different projections in situations of different contribution bases, situations of unemployment or absence of contributions …