This is how the table of penalties remains if you advance the date of your retirement from work
Voluntary early retirement is the option available to workers who want to advance their retirement from work. To receive the pension at age 65 in 2022 you must have 37 years and 6 months or more of contributions. A contribution period that will increase to 38 and 6 months in 2027. While in 5 years the required legal retirement age will be 67 years for those who have contributed less than 38 years and 6 months.
Social Security allows the retirement pension to be advanced voluntarily for a maximum of two years, with the exception of “workers in some professional sectors for carrying out arduous, toxic, dangerous or unhealthy activities and people with disabilities equal to or greater than 45% or 65%» that they will be able to do it before. To do this, you need to have a minimum contribution period of 35 years. The requirements include having at least 2 years of contributions within the 15 years immediately prior to the moment of causing the right.
However, Social Security warns that in order to apply for early retirement, the amount of the pension to be received must be higher than the amount of the minimum pension that would correspond to the interested party due to their family situation at the age of 65. Otherwise, you will not be able to access this early retirement formula.
One aspect that you must take into account if you want to retire before the required legal age is that the amount of your pension is reduced. This economic penalty increases the further you move away from the legal age. In addition to the months advanced, the reduction will also depend on the quoted period. Therefore, this is the table of penalties if you advance the date of your retirement from work.
This reduces the pension for early retirement
– If you have a quoted period of less than 38 years and 6 months, the reduction ranges from 3.26% for one month to 21% for 24 months in advance.
– If you have a quoted period of more than 38 years and 6 months but less than 41 years and 6 months, the reduction ranges from 3.11% for one month to 19% for 24 months in advance.
– If you have a contribution period of more than 41 years and 6 months but less than 44 years and 6 months, the reduction ranges from 2.96% for one month to 17% for 24 months in advance
– If you have a quoted period of more than 44 years and 6 months, the reduction ranges from 2.81% for one month to 13% for 24 months in advance.
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