When can I retire early if I was born in 1961?


People born in 1961 are getting closer as their retirement age approaches. And what’s more, in some cases, the early retirement. To be more exact, will be from January 1, 2027, when they can opt for this option provided by Social Security. Of course, provided that a series of conditions are met, to which must be included that the penalty table will be applied to the pension.

I was born in 1961: how do I know if I can retire at 63?

The minimum retirement age in Spain is 65 years, provided that at least 37 years and 9 months have contributed. Otherwise, you will have to wait until you reach 66 years and 4 months. However, potential retirees can request early retirement up to 24 months before, so, doing the math, this possibility would be given as of 2024. However, in no case can this situation be accessed with an age of less than 52 years, except for miners and sea workers.

However, it is vitally important to note that the contributory benefit can be reduced by up to 21%. On the other hand, there is also the possibility of accessing involuntary early retirement, in which case, it allows workers to retire before the legal retirement age, in the event of dismissal or cessation of activity for economic or business reasons, provided that meet certain requirements.

To all this we must add that there are other early retirement options that apply to workers with disabilities, workers in professions with special characteristics or workers in activities considered particularly hard or dangerous.

Penalty tables for early retirement in 2023

According to the reduction coefficients that can be seen in the following table, it is recommended to opt for early retirement at the age of 64, since the pension will only be reduced between 5.5% and 4.75%, so it is advisable to wait twelve months more, rather than at age 63.

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