Retirement simulation: how to calculate your pension

Find out if you have a retirement pension and what the amount is based on your contribution during the years of your working life: check all the scenarios

Let's see how to simulate your retirement pension through the online tools offered by the administration. And as we approach retirement age, the first doubts arise about whether we have the right to a pension based on our quote and Laboral life, and if so, the amount that we would have. Therefore, we offer you a complete tutorial for you to calculate your retirement through the simulator Social Security, in addition to all possible scenarios.

Simulate your retirement with Social Security

How to calculate your retirement pension

Index of contents

How the retirement simulation works

The Social Security makes available to citizens a service that allows simulating the amount that will be collected as retirement for any person who is entitled to it. The tool is located through the platform Your Social Security and requires access with Cl@ve system, digtial certificate or electronic DNI, although if you do not have any of these types of telematic identifiers you can authorize a representative to do so on your behalf.

To start the process you only need to access the following link of Your Social Security, indicate the type of access (as interested party, as representative or as attorney-in-fact) and, once registered, start the simulation to calculate retirement.

Retirement simulation: how to calculate your pension

The simulation process is not very complicated; The system will require several questions about the interested party, both the personal situation as economic, in addition to data on the worker's prior contribution. However, it will be possible to know if the requirements are met and carry out a calculation of future pension. In addition, the system allows you to consult several possible scenarios of the interested party, introducing different contribution bases, unemployment situations, early retirements, etc.

Requirements to have a retirement pension

The basic requirement to access a retirement pension is to have contributed for a minimum of 15 years, of which 2 must be part of the 15 years immediately preceding the date of the pension application. Regarding the retirement age, it depends on the years previously contributed; Thus, a person who has contributed at least 37 years and 3 months will be able to retire at 65 years, while the rest of the workers will be able to do so at 66 years.

How to calculate retirement pension

The calculation of pensions is based on two basic aspects, which are the regulatory basis and the years quoted, which allow you to determine what percentage of the regulatory base you are entitled to for retirement. As of the date of this article (2021), the regulatory base is obtained adding the contribution bases of the last 24 years (or 288 months) and dividing them by 336. The result obtained is the regulatory base that is used as a reference to know the amount to which one is entitled for the retirement pension.

Regarding the worker's contribution, With 15 years of contributions you will be entitled to 50% of the regulatory base, or what is the same, the minimum pension, and from 15 years old and during the first 106 months a 0.21% of the regulatory base for each month and a 0.19% of the regulatory base for each of the remaining 146 months. All this means that with 36 years of contributions, a worker has the right to 100% of retirement pension.

Retirement simulation: how to calculate your pension

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