What is the minimum age to request voluntary early retirement in 2025?

What is the minimum age to request voluntary early retirement in 2025?

Social Security allows access to voluntary early retirement by advancing the ordinary legal age up to a maximum of 24 months. In this way, in 2025, the minimum age voluntary early retirement will be 64 years and 8 months for those who have contributed for at least 35 years, or 63 years for those who have at least 38 years and three months of contributions.

On the other hand, Social Security requires within its requirements that the resulting pension be higher than the amount of the minimum pension that would correspond to the beneficiary based on his or her family situation upon reaching age 65.

In the case of involuntary or forced early retirement, it is possible to retire up to a maximum of 48 months (4 years) before the legal ordinary retirement age. Thus, the retirement age will be 62 years and 8 months for those who have contributed for at least 33 years, and 61 years for those who have contributed for at least 38 years and three months. To access this modality, it is essential that the termination of the employment contract be a consequence of a dismissal or an action beyond the worker’s control.

Furthermore, it must be kept in mind that in both types of early retirement, Social Security will apply reducing coefficients in a percentage that will be greater or less depending on the type of early retirement, the months advanced and the total years of contributions.

How much is lost for each year of early retirement?

In voluntary early retirement, Social Security applies a reducing coefficient that goes from the 2.81% and up to 21%. These cuts would be applied once the calculation method has been applied, that is, the amount to be applied has been obtained. Thus, these would be the cuts for 2025:

  • Under 38 years and six months contributions, the cut will be 21% if the retirement is brought forward 2 years and 3.26% if the advance is one month.
  • Between 38 years and six months and 41 years and 6 months of contributionsthe cut will be 19% if it is advanced 2 years and 3.11% if it is one month earlier.
  • Between 41 years and six months and 44 years and 6 months of contributionsthe reducing coefficient will be 17% if the retirement is advanced by 2 years and 2.86% if the advance is one month.
  • With more than 44 years and 6 months of contributionsthe cut will be 13% if it is advanced 2 years and 2.81% if the advance is one month.

In the following table you can see what it would look like according to the months ahead and the years quoted:

Retirement months early 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% 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%