If you are 60 years old and have a long contributory career, you can access early retirement without cuts to your pension. This regime, implemented in 2017, protects workers with many years of discounts, eliminating penalties applied in previous situations. See in this article whether you meet the conditions for early retirement.
Conditions for early retirement without penalties
According to Social Security rules, workers who meet one of the following conditions are covered by the scheme:
- Be at least 60 years old and have a contributory career of 48 years.
- They are 60 years old and have a contributory career of 46 years, if they started working before the age of 17.
In these cases, no pension cuts related to the sustainability factor apply, nor additional penalties for bringing forward retirement age.
Personal retirement age: what is it?
The long contributory career regime introduced the concept of “personal retirement age”. This allows the age for access to full retirement to be adjusted according to the years of each worker’s contributory career, as explained by .
Social Security applies a four-month reduction in the legal retirement age (66 years and 4 months in 2024) for each year of discounts beyond 40 years. For example:
- 46 years of discounts: personal retirement age at 64 years and 7 months.
- 48 years of discounts: personal retirement age at 63 years and 11 months.
- 50 years of discounts: personal retirement age at 63 years and 3 months.
This flexibility ensures that workers with long careers can access the pension without significant financial losses.
Objectives of the regime
The regime was designed to:
- Protect workers with extensive contributory careers.
- Value the years of discounts when calculating pensions.
- Make the retirement system fairer and more sustainable.
- Encourage transparency in access to early retirement.
Impact and benefits for pensioners
This scheme to bring forward retirement represents a relief for many workers who, after decades of contributions, can enjoy their pension without cuts. Furthermore, it promotes the recognition of long contributory careers, making the system fairer for those who started working early.
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