Workers who want to retire at 63 through an early retirement must take into account that social security will apply different reducing coefficients on the amount of the pension. These cuts depend on whether the retirement is voluntary or involuntary (forced), of the total quoted years and the exact months that the withdrawal is forward. For this reason, many of the workers who access this modality wonder what the maximum pension that can be chosen with 63 years.
Penalties vary depending on the modality. For voluntary early retirement, which allows a maximum advance of 24 months, the cuts range from 2.81% to 21% on the pension. On the other hand, in involuntary early retirement, with an advance of up to 48 months, the range of the reduction ranges from 0.50% to a maximum of 30%.
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Social security will remove up to 30% of the retirement pension from all workers who decide to retire in advance, even if you are over 38 years quoted
This is so, according to Law 27/2011, which can be consulted in this official state newsletter, but what happens if the resulting pension is superior to the maximum pension? Well, as established by the General Social Security Law, the maximum pension cannot be exceeded either by charging one or more pensions at the same time, but in the case of early retirement, Law 21/2021 explains that in the event that the calculated pension is superior to the maximum legally established pension, special rules are applied.
For voluntary retirement, a reducing coefficient will be applied directly on the amount of the maximum pension limit. This coefficient will gradually increase every year for a period that began in 2024 and will end in 2033.
For the involuntary, the law establishes a different limit and that is that the amount of the already reduced pension may not be higher than the amount that results from reducing the maximum pension stop by 0.50 % for each quarter of anticipation.
What is the maximum pension if you retire at 63 years in 2025
In 2025, assuming that the maximum pension is set at 3,267.60 euros per month, which in annual computing (14 payments) amounts to 45,746.40 euros, this will be the reference for calculations. For those who retire in advance at age 63, their regulatory base and the theoretical pension correspond to them will first be determined. On that amount, the corresponding reducing coefficient will be applied depending on the advances and total of quoted years.
Next, it is shown what pension would remain in the event that the worker’s initial pension, before the cuts, was equal to the maximum pension of 3,267.60 euros.
Voluntary early retirement
For a worker whose ordinary retirement age in 2025 is 65 years old, retiring at 63 would involve a 24 -month advance. The cuts would be the following:
| Months that retirement advances | Less than 38 years and 6 months | Less than 41 years and 6 months | Less than 44 years and 6 months | 44 years and 6 months or more |
|---|---|---|---|---|
| 24 | 21% (€ 2,581.40) | 19% (€ 2,646.76) | 17% (€ 2,712.11) | 13% (€ 2,842.81) |
Involuntary anticipated retirement
For a worker whose ordinary age in 2025 is 66 years and 8 months, retiring at 63 would mean an advance of 44 months. The following table shows the applicable cuts in different assumptions of advance:
| Months that retirement advances | Less than 38 years and 6 months | Less than 41 years and 6 months | Less than 44 years and 6 months | 44 years and 6 months or more |
|---|---|---|---|---|
| 48 | 30.00% (€ 2,287.32) | 28.00% (€ 2,352.67) | 26.00% (€ 2,418.02) | 24.00% (€ 2,483.38) |
| 47 | 29.38% (€ 2,307.67) | 27.42% (€ 2,371.94) | 25.46% (€ 2,434.60) | 23.50% (€ 2,499.31) |
| 46 | 28.75% (€ 2,327.37) | 26.83% (€ 2,391.15) | 24.92% (€ 2,451.19) | 23.00% (€ 2,516.05) |
| 45 | 28.13% (€ 2,347.72) | 26.25% (€ 2,410.41) | 24.38% (€ 2,468.43) | 22.50% (€ 2,532.39) |
| 44 | 27.50% (€ 2,369.01) | 25.67% (€ 2,429.91) | 23.83% (€ 2,489.48) | 22.00% (€ 2,548.73) |
| 43 | 26.88% (€ 2,389.36) | 25.08% (€ 2,448.74) | 23.29% (€ 2,508.88) | 21.50% (€ 2,565.09) |
| 42 | 26.25% (€ 2,410.41) | 24.50% (€ 2,467.04) | 22.75% (€ 2,525.03) | 21.00% (€ 2,581.40) |
| 41 | 25.63% (€ 2,430.76) | 23.92% (€ 2,485.87) | 22.21% (€ 2,541.18) | 20.50% (€ 2,597.74) |
| 40 | 25.00% (€ 2,451.45) | 23.33% (€ 2,504.04) | 21.67% (€ 2,558.69) | 20.00% (€ 2,614.08) |
| 39 | 24.38% (€ 2,471.80) | 22.75% (€ 2,522.27) | 21.13% (€ 2,575.55) | 19.50% (€ 2,630.42) |
| 38 | 23.75% (€ 2,492.15) | 22.17% (€ 2,541.15) | 20.58% (€ 2,592.42) | 19.00% (€ 2,646.76) |
| 37 | 23.13% (€ 2,512.50) | 21.58% (€ 2,560,03) | 20.04% (€ 2,608.97) | 18.50% (€ 2,663.10) |
| 36 | 22.50% (€ 2,532.39) | 21.00% (€ 2,581.40) | 19.50% (€ 2,630.42) | 18.00% (€ 2,679.43) |
| 35 | 21.88% (€ 2,552.74) | 20.42% (€ 2,600.23) | 18.96% (€ 2,647.28) | 17.50% (€ 2,695.77) |
| 34 | 21.25% (€ 2,573.09) | 19.83% (€ 2,618.74) | 18.42% (€ 2,665.49) | 17.00% (€ 2,712.11) |
| 33 | 20.63% (€ 2,593.44) | 19.25% (€ 2,637.90) | 17.88% (€ 2,682.37) | 16.50% (€ 2,728.45) |
| 32 | 20.00% (€ 2,614.08) | 18.67% (€ 2,656.74) | 17.33% (€ 2,699.57) | 16.00% (€ 2,744.78) |
| 31 | 19.38% (€ 2,634.43) | 18.08% (€ 2,676.55) | 16.79% (€ 2,716.45) | 15.50% (€ 2,761.12) |
| 30 | 18.75% (€ 2,654.78) | 17.50% (€ 2,695.77) | 16.25% (€ 2,734.67) | 15.00% (€ 2,777.46) |
| 29 | 18.13% (€ 2,675) | 16.92% (€ 2,714.60) | 15.71% (€ 2,752.89) | 14.50% (€ 2,793.80) |
| 28 | 17.50% (€ 2,695.77) | 16.33% (€ 2,732.77) | 15.17% (€ 2,771.43) | 14.00% (€ 2,810.14) |
| 27 | 16.88% (€ 2,716.12) | 15.75% (€ 2,751.58) | 14.63% (€ 2,789.97) | 13.50% (€ 2,826.48) |
| 26 | 16.25% (€ 2,736.47) | 15.17% (€ 2,770.42) | 14.08% (€ 2,808.51) | 13.00% (€ 2,842.81) |
| 25 | 15.63% (€ 2,756.82) | 14.58% (€ 2,788.60) | 13.54% (€ 2,826.73) | 12.50% (€ 2,859.15) |
| 24 | 15.00% (€ 2,777.46) | 14.00% (€ 2,810.14) | 13.00% (€ 2,842.81) | 12.00% (€ 2,875.49) |
| 23 | 14.38% (€ 2,797.81) | 13.42% (€ 2,828.97) | 12.46% (€ 2,860,67) | 11.50% (€ 2,891.83) |
| 22 | 13.75% (€ 2,818.16) | 12.83% (€ 2,847.48) | 11.92% (€ 2,878.54) | 11.00% (€ 2,908.16) |
| 21 | 12.57% (€ 2,856.38) | 12.00% (€ 2,875.49) | 11.38% (€ 2,894.07) | 10.00% (€ 2,940.84) |
| 20 | 11.00% (€ 2,908.16) | 10.50% (€ 2,924.50) | 10.00% (€ 2,940.84) | 9.20% (€ 2,966.98) |
| 19 | 9.78% (€ 2,948.32) | 9.33% (€ 2,962.85) | 8.89% (€ 2,977.06) | 8.40% (€ 2,992.30) |
| 18 | 8.80% (€ 2,980.11) | 8.40% (€ 2,992.30) | 8.00% (€ 3,19,19) | 7.60% (€ 3,019.44) |
| 17 | 8.00% (€ 3,19,19) | 7.64% (€ 3,018.11) | 7.27% (€ 3,028.88) | 6.91% (€ 3,041.69) |
| 16 | 7.33% (€ 3,028.23) | 7.00% (€ 3,038.75) | 6.67% (€ 3,048.62) | 6.33% (€ 3,060,51) |
| 15 | 6.77% (€ 3,046.54) | 6.46% (€ 3,055.42) | 6.15% (€ 3,066.51) | 5.85% (€ 3,076.96) |
| 14 | 6.29% (€ 3,062.20) | 6.00% (€ 3,071.54) | 5.71% (€ 3,081.50) | 5.43% (€ 3,089.41) |
| 13 | 5.87% (€ 3,075.98) | 5.60% (€ 3,084.69) | 5.33% (€ 3,093.50) | 5.07% (€ 3,100.67) |
| 12 | 5.50% (€ 3,088.08) | 5.25% (€ 3,095.49) | 5.00% (€ 3104.22) | 4.75% (€ 3,112.31) |
| 11 | 5.18% (€ 3,098.29) | 4.94% (€ 3105.70) | 4.71% (€ 3,113,47) | 4.47% (€ 3,120.60) |
| 10 | 4.89% (€ 3107.61) | 4.67% (€ 3,114.77) | 4.44% (€ 3,122.22) | 4.22% (€ 3,128.11) |
| 9 | 4.63% (€ 3,115.84) | 4.42% (€ 3,122.54) | 4.21% (€ 3,129.24) | 4.00% (€ 336.90) |
| 8 | 4.40% (€ 3,123.23) | 4.20% (€ 3,129.56) | 4.00% (€ 336.90) | 3.80% (€ 3,143.62) |
| 7 | 4.19% (€ 3,130.22) | 4.00% (€ 336.90) | 3.81% (€ 342.97) | 3.62% (€ 3,149.01) |
| 6 | 3.75% (€ 3,145.52) | 3.50% (€ 3,153.18) | 3.25% (€ 360.83) | 3.00% (€ 3,169.57) |
| 5 | 3.13% (€ 3,164,27) | 2.92% (€ 371.93) | 2.71% (€ 3,179.27) | 2.50% (€ 385.91) |
| 4 | 2.50% (€ 385.91) | 2.33% (€ 391.32) | 2.17% (€ 396.40) | 2.00% (€ 3,202.25) |
| 3 | 1.88% (€ 3,205.92) | 1.75% (€ 3,210.47) | 1.63% (€ 3,215.35) | 1.50% (€ 3,218.89) |
| 2 | 1.25% (€ 3,226.76) | 1.17% (€ 3,229.31) | 1.08% (€ 3,232.53) | 1.00% (€ 3,234.92) |
| 1 | 0.63% (€ 3,246.92) | 0.58% (€ 3,248.54) | 0.54% (€ 3,250.16) | 0.50% (€ 3,251.26) |
Table of the amount of the anticipated retirement pension at age 63 if this is higher than the maximum pension
In the event that the theoretical pension of a worker (calculated from its regulatory base) is greater than the maximum pension set by 2025 (3,267.60 euros per month in this example), Law 21/2021, which is You can consult in this Official State Gazette Establish specific rules to apply cuts through the advancement of retirement. It is essential to distinguish between voluntary and involuntary modality, since the calculation method is different.
- Involuntary anticipated retirement: In this modality, the corresponding reducing coefficient on the regulatory basis is first applied. Then, the resulting pension has an additional limit: it may not be higher than the maximum reduced pension by 0.50 % for each advance quarter.
- Voluntary early retirement: The reducing coefficient is applied directly on the amount of the maximum pension. The Trigeasima Fourth transitory provision of the General Social Security Law (introduced by Law 21/2021) establishes a gradual application of these cuts. The following table shows the coefficients and the resulting pension by 2025.
| Months advance | Less than 38 years and 6 months | Equal to or greater than 38 years and 6 months (less than 41 years and 6 months) | Equal to or greater than 41 years and 6 months (less than 44 years and 6 months) | Equal to or greater than 44 years and 6 months |
|---|---|---|---|---|
| 24 | 7.40% (€ 3,026.00) | 7.00% (€ 3,038.75) | 6.60% (€ 3,051.49) | 5.80% (€ 3,078.08) |
| 23 | 6.72% (€ 3,048.01) | 6.50% (€ 3,055.16) | 6.20% (€ 3,064.21) | 5.60% (€ 3,084.69) |
| 22 | 6.13% (€ 3,067.49) | 6.00% (€ 3,071.54) | 5.87% (€ 3,076.01) | 5.40% (€ 3,090.95) |
| 21 | 5.31% (€ 3,093.92) | 5.20% (€ 3,097.29) | 5.09% (€ 3,100.34) | 4.80% (€ 3,110.95) |
| 20 | 5.00% (€ 3104.22) | 4.90% (€ 3107.49) | 4.80% (€ 3,110.95) | 4.64% (€ 3,116.42) |
| 19 | 4.76% (€ 3,111.85) | 4.67% (€ 3,114.77) | 4.58% (€ 3,117.69) | 4.48% (€ 3,120.60) |
| 18 | 4.16% (€ 3,131.73) | 4.08% (€ 3,134.28) | 4.00% (€ 336.90) | 3.92% (€ 3,139.51) |
| 17 | 4.00% (€ 336.90) | 3.93% (€ 3,139.19) | 3.85% (€ 3,141.80) | 3.78% (€ 3,144.09) |
| 16 | 3.87% (€ 3,141,15) | 3.80% (€ 3,143.62) | 3.73% (€ 3,145.91) | 3.67% (€ 3,147.76) |
| 15 | 3.35% (€ 3,158.25) | 3.29% (€ 360.20) | 3.23% (€ 362.15) | 3.17% (€ 3,163.78) |
| 14 | 3.26% (€ 360.70) | 3.20% (€ 3,162.65) | 3.14% (€ 3,164.60) | 3.09% (€ 366.22) |
| 13 | 3.17% (€ 3,163.78) | 3.12% (€ 3,165.24) | 3.07% (€ 366.87) | 3.01% (€ 3,168.82) |
| 12 | 2.70% (€ 3,179.27) | 2.65% (€ 3,181.22) | 2.60% (€ 3,183.16) | 2.55% (€ 3,184.79) |
| 11 | 2.64% (€ 3,185.45) | 2.59% (€ 3,187.08) | 2.54% (€ 3,188.71) | 2.49% (€ 390.34) |
| 10 | 2.58% (€ 3,187.74) | 2.53% (€ 3,189.37) | 2.49% (€ 390.34) | 2.44% (€ 3,192.30) |
| 9 | 2.13% (€ 3,200.45) | 2.08% (€ 3,202.40) | 2.04% (€ 3,203.70) | 2.00% (€ 3,202.25) |
| 8 | 2.08% (€ 3,202.40) | 2.04% (€ 3,203.70) | 2.00% (€ 3,205.00) | 1.96% (€ 3,206.30) |
| 7 | 2.04% (€ 3,203.70) | 2.00% (€ 3,205.00) | 1.96% (€ 3,206.30) | 1.92% (€ 3207.60) |
| 6 | 1.60% (€ 3,215.32) | 1.56% (€ 3,216.62) | 1.53% (€ 3,217.60) | 1.49% (€ 3,219.23) |
| 5 | 1.57% (€ 3,216.30) | 1.53% (€ 3,217.60) | 1.50% (€ 3,218.59) | 1.46% (€ 3,220.21) |
| 4 | 1.53% (€ 3,217.60) | 1.50% (€ 3,218.59) | 1.47% (€ 3,219.57) | 1.43% (€ 3,221.20) |
| 3 | 1.10% (€ 331.66) | 1.07% (€ 3,232.64) | 1.04% (€ 3,233.95) | 1.01% (€ 3,234.93) |
| 2 | 1.08% (€ 3,232.32) | 1.05% (€ 3,233.31) | 1.02% (€ 3,234.29) | 0.98% (€ 3,235.59) |
| 1 | 1.05% (€ 3,233.31) | 1.02% (€ 3,234.29) | 0.99% (€ 3,235.27) | 0.96% (€ 3,236.21) |