The ‘dream’ of retire The ordinary age is increasingly further away for many workers. The latest pension reforms introduced new features with the aim of sustaining the system.
In 2027, those who want to retire at age 65 must have contributed for at least 38 years and six months. Those with a shorter working life will have to wait for the 67 years old to be able to retire from the labor market.
On the other hand, those who turn 65 in 2025 will be able to begin retiring as long as they have contributed for a minimum of 38 years and 3 months or more. which means three more months of contributions compared to those who retired in 2024. If they have not reached this period, their retirement age will be 66 years and 8 months.
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2025: 38 years and 3 months or more of contributions – 65 years | 38.3 months or less of contributions – 66 years and 8 months
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2026: 38 years and 3 months or more of contributions – 65 years | 38.3 months or less of contributions – 66 years and 10 months
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2027: 38 years and 6 months or more – 65 years | Less than 38 years and 6 months – 67 years
Based on this table defined by Social Security, it is possible to know the year of retirement based on the year of birth.
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1959: ordinary retirement in 2024 at age 65 if they have contributed for 38 or more years. Otherwise, they should wait until they are 66 years and 6 months
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1960: ordinary retirement in 2025 at age 65 if they have contributed 38.3 months or more. Otherwise, they should wait until they are 66 years and 8 months
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1961: ordinary retirement in 2026 at age 65 if they have contributed 38.3 months or more. Otherwise, they should wait until they are 66 years and 10 months
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1962: ordinary retirement in 2027 at age 65 if they have contributed for 38 years and 6 months or more. Otherwise, they should wait until they are 67 years old.
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1963: ordinary retirement in 2028 at age 65 if they have contributed for 38 years and 6 months or more. Otherwise, they should wait until they are 67 years old.
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1964: ordinary retirement in 2029 at age 65 if they have contributed for 38 years and 6 months or more. Otherwise, they should wait until they are 67 years old.
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1965: ordinary retirement in 2030 at age 65 if they have contributed for 38 years and 6 months or more. Otherwise, they should wait until they are 67 years old.
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1966: ordinary retirement in 2031 at age 65 if they have contributed for 38 years and 6 months or more. Otherwise, they should wait until they are 67 years old.
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1967: ordinary retirement in 2032 at age 65 if they have contributed for 38 years and 6 months or more. Otherwise, they should wait until they are 67 years old.
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1968: ordinary retirement in 2033 at age 65 if they have contributed for 38 years and 6 months or more. Otherwise, they should wait until they are 67 years old.
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1969: ordinary retirement in 2034 at age 65 if they have contributed for 38 years and 6 months or more. Otherwise, they should wait until they are 67 years old.
TO from 2027 The times would remain this way unless any other modification was made.
Furthermore, among other modifications in recent years, those who wish to stop working earlier than indicated may be exposed to a series of penalties through reductions. For each month that the withdrawal is brought forward, the pension payroll will be better, according to the established percentages for Social Security. Furthermore, the time of withdrawal cannot be more than two years before the ordinary age marked and a minimum contribution will be required.
On the other hand, those who continue working beyond the legal age may have certain rewardswhat is known as delayed retirement.
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