Early retirement allows you to advance the retirement age with respect to the ordinary. In the voluntary modality, that is, the one that is at the will of the worker, can be advanced up to 24 months. In return, Social Security applies reducing coefficients (penalties) on the pension. With the current system, the cut ranges with a general character between 2.81% and 21%, according to months of advance and quoted years, and applies to the calculation of the pension when the right is cured.
In this sense, Alfonso Muñoz Cuenca, Social Security official, explains what the requirements are and clarifies that “the first thing we should know is what our ordinary retirement age is.” In 2025, this will be 65 years for those who prove more than 38 years and 3 months quoted, and 66 years and 8 months for those who do not reach that minimum period.
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Tips before asking for voluntary early retirement
The official begins explaining the keys to those who are unemployed and think about retiring. “The SEPE quotes for you more or less the same as if you were working.” This means that while the contributory benefit is perceived by unemployment, the quotes compute in a similar way to that of active employment. Therefore, Muñoz advises waiting to exhaust unemployment before requesting voluntary early retirement, since there is no damage in contributions and that time can help improve the pension.
Secondly, remember that “all pensions whose causative facts occur before the end of the year will be revalued the following year according to the CPI.” This implies that retirement on December 31 may mean receiving the annual revaluation the next day, increasing the initial amount. “The effect will depend on the percentage of revaluation that is applied that specific year,” the official clarifies, a criterion that also shares labor lawyers.
As a third advice, he recommends not retireing exactly 24 months before the ordinary age, since “the reducing coefficients that apply during the first three months are higher.” Instead, it suggests delaying the application for a few months, for example, one year and 9 months before the ordinary age, which allows to reduce penalty. “The reducing coefficients that are applied will be for a lifetime,” he insists.
In this table you can consult the reducing coefficients month by month:
| Months that retirement advances | Quoted period: less than 38 years and 6 months | Quoted period: equal to or greater than 38 years and 6 months and less than 41 years and 6 months | Quoted period: equal to or greater than 41 years and 6 months and less than 44 years and 6 months | Quoted period: equal to or greater than 44 years and 6 months |
|---|---|---|---|---|
| 24 | 21% | 19% | 17% | 13% |
| 23 | 17.60% | 16.50% | 15% | 12% |
| 22 | 14.65% | 14% | 13.33% | 11% |
| 21 | 12.57% | 12% | 11.43% | 10% |
| 20 | 11% | 10.50% | 10% | 9.20% |
| 19 | 9.78% | 9.33% | 8.89% | 8.40% |
| 18 | 8.80% | 8.40% | 8% | 7.60% |
| 17 | 8% | 7.64% | 7.27% | 6.91% |
| 16 | 7.33% | 7% | 6.67% | 6.33% |
| 15 | 6.77% | 6.46% | 6.15% | 5.85% |
| 14 | 6.29% | 6% | 5.71% | 5.43% |
| 13 | 5.87% | 5.60% | 5.33% | 5.07% |
| 12 | 5.50% | 5.25% | 5% | 4.75% |
| 11 | 5.18% | 4.94% | 4.71% | 4.47% |
| 10 | 4.89% | 4.67% | 4.44% | 4.22% |
| 9 | 4.63% | 4.42% | 4.21% | 4% |
| 8 | 4.40% | 4.20% | 4% | 3.80% |
| 7 | 4.19% | 4% | 3.81% | 3.62% |
| 6 | 4% | 3.82% | 3.64% | 3.45% |
| 5 | 3.83% | 3.65% | 3.48% | 3.30% |
| 4 | 3.67% | 3.50% | 3.33% | 3.17% |
| 3 | 3.52% | 3.36% | 3.20% | 3.04% |
| 2 | 3.38% | 3.23% | 3.08% | 2.92% |
| 1 | 3.26% | 3.11% | 2.96% | 2.81% |
Requirements to access voluntary early retirement
The requirements to access voluntary early retirement are collected in article 207 of the General Social Security Law and the provisions of Law 27/2011 (that can be consulted in this boe). Thus, to access voluntary anticipated retirement, these conditions must be met:
- Have a minimum of 35 years quoted, of which at least two must be within 15 years immediately prior to the application.
- The resulting pension must be higher than the minimum retirement pension at age 65, depending on the family situation of the beneficiary.
In addition, the norm allows a maximum of one year to be computed as a mandatory military service, social substitute provision or female social service.
Finally, knowing that both voluntary and involuntary retirement apply reducing coefficients. These range between 0.50% and 30% (maximum with four years of advance), depending on the quoted years and how much the withdrawal is forward. These reductions are permanent and apply to the pension throughout their validity.