Social Security allows retire early to workers on a voluntary basis up to a maximum of 24 months before the legal age. Thus, in 2025, the minimum age for access to voluntary early retirement will be 64 years and 8 months, It is mandatory to have contributed for at least 35 years to be able to access this modality. If the working career is longer, early retirement is allowed at the age of 63.
Furthermore, to be able to access this type of retirement, The amount of the pension to be collected by the worker must be higher than the amount of the minimum pension that would correspond to him due to his family situation when he turns 65. Otherwise, you cannot anticipate your withdrawal.
If early retirement is involuntary, that is, forced, It is possible to retire up to a maximum of 48 months before the ordinary retirement age. Thus, by 2025, you must be 62 years and 8 months old and have contributed for at least 33 years. In the case of longer careers, the minimum age is 61 years.
When a worker retires early, Social Security applies reducing coefficients on the amount of the pensionwhich depend on the number of months before retirement age and the accumulated contribution period. In general terms, these reducing coefficients range from 21% to 3.26% depending on whether the withdrawal is anticipated 24 months (the maximum possible) or one month.
If early retirement is forced, reducing coefficients are also applied to the amount of the pension depending on the time of advance payment and the years of contributions. These coefficients range from 30% with four years in advance to 0.50% with one month in advance.but the percentage to be applied will also depend on the contribution career: the more years of contributions, the percentage of discount on the pension decreases and with fewer years of contributions, it increases.
On the other hand, if access to the retirement pension is voluntarily delayed after the ordinary age (what is called delayed retirement), the pensioner receives a bonus, which may consist of an additional pension percentage of 4%, an amount lump sum or a combination of both if retirement is delayed for two years or more.
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