It is the action in which a person ceases their work activities and becomes inactive for different reasons, such as age or physical problems that prevent them from continuing to work.
At the end of your Laboral life people have no income from their work. That is why retirees receive a monthly pension for life.
In order to benefit from their retirement, people must contribute to Social Security during their working life.
Types of retirement pension
There are two types of retirements according to the contribution made:
- Contributive: It is the retirement made by people who have contributed to Social Security throughout their working life.
- Non-contributory: It is the retirement that occurs when the person has not worked or has not contributed the minimum number of years necessary.
There are also different pensions depending on availability:
- Total retirement: when the person completely ceases his work activity fulfilling the minimum requirements.
- Partial retirement: allows you to obtain a Social Security pension and continue working part-time.
- Early retirement: when people retire at age 60.
- Flexible retirement: people who decide to make their pension compatible with a part-time job, either with a job started after retirement or at the same time.
- Retirement due to disability: public officials who prove their permanent, total or severe disability, and retire before the established age.
A minimum contribution of 15 years is required to be able to receive a pension. It is also necessary that two of those years fall within the 15 years prior to retirement. The ordinary retirement age in Spain is 65 years and 4 months. Know all the information in the retirement special that we have prepared to resolve all doubts.
The uncertainty that exists about the future of pensions has led to a growing number of people who opt for investing in a pension plan to guarantee financial stability during their retirement.