Social Security offers several options to collect more money when you retire from working life
Retirement for those close to the required age becomes the biggest concern. To access the pension you must meet several requirements such as reaching a minimum contribution period of 15 years. Sometimes that money is not enough and that is why many seek a way to increase the amount of the benefit.
In Spain ordinary retirement is set for 2027 at age 67 if you have less than 38 and 6 months of contributions. Those who have contributed for 38 years and 6 months or more benefit the most, since from the age of 65 they will be able to collect the pension. The amount will depend on the years that the worker has contributed. Social Security offers several options so that the amount is higher when you decide to retire.
The 3 options to collect more pension
– Flexible retirement. One of the most beneficial ways if you want the amount at the end of the month to be higher is to opt for the so-called flexible retirement. It can be accessed once you pay the retirement pension but decide to continue working. This employment may correspond to a part-time contract. In this way you will collect the pension at the same time that you are paid a salary. This reconciliation will allow you to increase your contribution period and the contribution base. Once it is definitively withdrawn, a new calculation will be applied.
– Special agreement with Social Security. If you have been discharged and you have a few years left to contribute to be entitled to a pension, you have a chance to continue contributing and reach the required period. Through this agreement voluntarily signed by workers with Social Security in order to generate, maintain or expand the right to benefits. The drawback is that you will have to pay a fee to make it compatible, but it is a good option if you have little left for retirement. In order to sign the agreement, it is necessary to have covered a minimum contribution period of 1,080 days in the twelve years prior to the withdrawal from Social Security.
– Delay your retirement. Social Security favors those who decide to extend their time as an employee. Since the new law came into force in 2022, the Ministry of Inclusion, Social Security and Migrations launched several beneficial measures for the so-called delayed voluntary retirement. Delaying retirement will allow you to increase your pension. This translates into an additional percentage of 4% for each full year of contributions after reaching ordinary age, among other advantages.
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