I retire next year, what do I have to do?

I retire next year, what do I have to do?
I retire next year, what do I have to do?

We solve the doubts that may arise if you are going to apply for the retirement pension

If your retirement time is approaching, you should know that you need to carry out some procedures to activate the pension . Below we explain what you should do to request it.

How to apply for the pension if I am still working? Once you have decided the date, you must communicate it to your company so that it notifies the Social Security . In any case, you should also contact Social Security to activate your pension. You can do it from three months before to three months later. If you do it after that period, for example, six months later, Social Security will only pay you the last three months with retroactive effect and you will lose the first three.

When to apply for the pension if I don’t work? In the case of not being active, the retirement will be effective from the day following the presentation of the application in the Social Security.

What kind of retirement pensions exist? In general, pensions can be contributory, when the person who retires has contributed for enough years throughout his work life, or non-contributory, when he has not contributed or has not achieved the minimum to reach the contributory one. Next we will see the requirements to access the contributory pension , the most common.

When can I retire? The usual thing so far has been to retire at 65, that, however, has changed. The figure is gradually moving towards 67 years. In 2020 the ordinary retirement age will be 65 years and 10 months. However, if you have 37 years of contributions or more, you can continue to access retirement at age 65. It doesn’t matter if you are a worker, that is, salaried, or self-employed.

In the case of considering early retirement , you must be at least 63 years and ten months and a minimum of 35 years of contributions. Remember that this modality always carries a penalty in the amount of the pension.

What is the minimum quoted? To be entitled to a contributory pension, you must have at least 15 years of contributions and two of those contribution years are after 2005. This is because it is an essential requirement to have been active for at least 24 months during the 15 years prior to retirement. If these requirements are not met, you can only be entitled to a non-contributory pension, which means less money.

Can i keep working? There is the possibility of attending a partial or flexible retirement, which means continuing to work part-time while receiving part of the pension, on the condition that the retiree only makes between 50% and 75% of the pension. working day. Once you decide to cease your professional activity completely, you can recalculate the full pension including the time of partial employment.

What documentation do I need to apply for retirement? It will be necessary the DNI or, in case of being a foreigner, the passport or the identity document in force in your country of origin, plus the NIE required by the Tax Agency to be able to make payments and complete a form.

In the application form enough data is requested to calculate the pension in detail:

  • If you have a recognized disability.
  • Work situation at the time of retirement. You must specify if you have been pre-retired by the company or affected by a file of temporary employment regulation or adhere to early retirement, among other situations that may occur.
  • You are also required to provide information on your work activity abroad, if any, or if you have performed the mandatory military service, which will only be taken into account for the calculation of contribution years in case of early retirement.
  • In addition, in the case of women, you must specify if you have had children, since you can benefit from some supplement.
  • Information about your income will be required, such as your spouse’s or dependents, since the pension varies if you have a partner or not or if a family member depends economically on who is retiring.
  • And finally, something very important: in which bank account will you charge the pension.

If you have a recognized disability. Work situation at the time of retirement. You must specify if you have been pre-retired by the company or affected by a file of temporary employment regulation or adhere to early retirement, among other situations that may occur. You are also required to provide information on your work activity abroad, if any, or if you have performed the mandatory military service, which will only be taken into account for the calculation of contribution years in case of early retirement. In addition, in the case of women, you must specify if you have had children, since you can benefit from some supplement. Information about your income will be required, such as your spouse’s or dependents, since the pension varies if you have a partner or not or if a family member depends economically on who is retiring. And finally, something very important: in which bank account will you charge the pension.

If you have doubts about completing it, they can help you in any agency or directly in Social Security, by going to their offices or by phone (901 16 65 65).

In any case, the presentation of this form will be accompanied by the relevant documentation to prove the circumstances that may increase the amount of the pension or any situation that requires the agreement of the company from which one goes to retirement.

Where do I submit the application to process my pension?

You can present yourself in any of the Social Security attention and information centers. You can check the list here and request an appointment by calling 901 10 65 70 or online .

In addition, recently, there is the possibility of submitting the application online whenever there is no need to provide a physical document. If this route is chosen, applicants must access the “ Your Social Security ” portal with an active username and password (they are provided in person at the Social Security offices) , and be identified through the electronic ID, digital certificate or with the permanent Cl @ ve.

How much will I charge as a pensioner?

The pension is calculated based on the contribution bases of each worker (in 2020 the average of the last 23 years will be taken into account) and the number of years quoted. There are different calculators like this that allows you to find out approximately how your pension will be. The result is not binding, but it does give an approximate idea of ​​the final amount.

The retirement pension in 2019 was not less than 9,000 euros per year (in case you have a spouse but not in your charge) or more than 37,231.74 euros per year. This amount may change for next year, although the amount is not yet known.

Keep in mind that these benefits are paid in 14 payments, one for each of the months of the year, plus two extraordinary payments of the same amount, which are charged together with the monthly payments for June and November.

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