The great concern of workers throughout their professional career is how much retirement pension they will have left in the future. To do this, they must accumulate contributions, the maximum possible, and they are the ones that determine the amount of that retirement pension that these workers wish to receive for the rest of their lives.
The key lies in the method of calculating retirement pensions that Social Security has. This method takes into account two variables: the regulatory base of the worker and the number of years of contributions. Two factors that are somewhat related, since the regulatory base also depends to a certain extent on the time that has been worked during the section in which it is measured.
In the first place, we must attend to the regulatory base, which is calculated with the contribution bases for common contingencies of the worker during the last 25 years prior to applying for retirement. These bases, a total of 300, will be divided by 350 and the result will be the regulatory base, the reference figure on which to calculate pensions.
At this point the worker will have an aid if he has had periods of time without contributing, that of the integration of gaps that allows citizens to fill in those periods of time without contributing with fictitious contribution bases: 100% of the minimum base in force during the first 48 months and 50% of that base thereafter. This is a mechanism that is not applicable to the self-employed and domestic workers.
Taking into account the resulting regulatory base, the worker will be entitled to a more or less substantial retirement pension depending on the years worked throughout his working life. The minimum to access is 15 years, which gives the right to 50% of the regulatory base (or to the minimum pension if that value falls below).
From there, the system contributes extra percentages of the regulatory base for each month quoted by the worker. During each of the following 106 months, the worker is provided with an extra 0.21% of the regulatory base and for each of the following 146 months, the worker is provided with an extra 0.19% of the regulatory base, as stated on the page Social Security website.
What percentage of the retirement pension are you entitled to?
Therefore, depending on the years that have been quoted You will be entitled to a greater or lesser part of the regulatory base:
-With 15 years listed: 50% of the regulatory base.
-With 16 years of contributions: 52.52% of the regulatory base.
-With 17 years of contributions: 55.04% of the regulatory base.
-With 18 years of contributions: 57.56% of the regulatory base.
-With 19 years listed: 60.08% of the regulatory base.
-With 20 years listed: 62.60% of the regulatory base.
-With 21 years of contributions: 65.12% of the regulatory base.
-With 22 years of contributions: 67.64% of the regulatory base.
-With 23 years of contributions: 70.16% of the regulatory base.
-With 24 years of contributions: 72.64% of the regulatory base.
-With 25 years of contributions: 74.92% of the regulatory base.
-With 26 years of contributions: 77.20% of the regulatory base.
-With 27 years of contributions: 79.48% of the regulatory base.
-With 28 years of contributions: 81.76% of the regulatory base.
-With 29 years of contributions: 84.04% of the regulatory base.
-With 30 years listed: 86.32% of the regulatory base.
-With 31 years of contributions: 88.60% of the regulatory base.
-With 32 years of contributions: 90.88% of the regulatory base.
-With 33 years of contributions: 93.16% of the regulatory base.
-With 34 years of contributions: 95.44% of the regulatory base.
-With 35 years of contributions: 97.72% of the regulatory base.
-With 36 years of contributions: 100% of the regulatory base.
What happens to pensions below the minimum amount
In all these cases, it will be necessary to pay attention to the amount of the regulatory base, since in those pensions that have a regulatory base of an amount less than that of the minimum pensions, the minimum supplement will have to be applied, which comes to compensate those pensions that fall below the minimum amount established.
The minimum supplement cannot be consolidated and is granted provided that the pensioner does not exceed an annual income limit.
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