Have you ever wondered at what age you will be able to retire this year?
With the constant changes in retirement regulations, it is essential to keep up to date with the requirements and conditions in order to plan your future with peace of mind. In this article, we will provide you with all the necessary information about the retirement age and the required contribution periods in 2024.
Legal Age
The retirement age is constantly evolving and progressively increases year after year. For the year 2024, the legal retirement age varies according to the contribution periods:
1. Contribution periods: 38 years or more
– Required age: 65 years
2. Contribution periods: at least 15 years
– Required age: 66 years and 6 months
It is important to note that in order to retire, you must have contributed at least 15 years, with two of those years falling within the 15 years prior to your retirement.
Example
Imagine that you turn 65 in November 2024. If by January 2024 you have contributed at least 37 years and two months, you will be able to retire in November of that same year, since you will have contributed more than 38 years.
Pension amount
The calculation of the pension is based on the regulatory base, which is determined according to the contribution bases accredited during the last years. In 2024, the bases of the last 25 years are taken into account.
To obtain 100% of the regulatory base in 2024, you must have contributed 36 years and six months (15 years + 49 months + 209 months). The percentage of the pension on the regulatory base varies according to the years of contributions:
– For the first 15 years of contributions, 50% is applied.
– From the sixteenth year of contributions, the percentage increases by 0.21% per month for the first 49 months and by 0.19% per month for the following 209 months.
Conclusions
In summary, in 2024 you will be able to retire at age 65 if you have contributed for 38 or more years. If not, you will be able to do so at age 66 years and 6 months, as long as you meet the minimum requirement of 15 years of contributions.
Don’t forget to plan your financial and work future taking into account these retirement requirements! Remember that at GM Integra RRHH we are here to help you at every step of your professional career.
Contact us now!