For this reason, Social Security has a tool that aims to reduce the uncertainty of workers. In its citizen service profile on the social network Twitter , the body has sent a message to citizens who want to know when they will be able to retire and with what amount in the retirement pension.
This can be calculated with the Social Security pension simulator , which allows citizens to make projections of their retirement by entering the ‘Your Social Security’ portal, where they can choose the ‘Simulate your retirement’ option, within the category ‘Worked’.
The simulator can be used if you have a digital certificate ( you can get it in four simple steps ), Cl@ve ( so you can register to obtain a Cl@ve PIN or permanent ), electronic ID or via SMS, although in the latter case the phone number must be registered in the Social Security database .
The agency explains on its website that the citizen must enter their personal data and then “the simulation is carried out taking into account the real information of the applicant, as of the date of the simulation, which appears in the Social Security databases.” To project other situations in the future, the worker will be able to select different options for the years to come (contributions for different periods of time and amounts, contributions in other regimes, periods of unemployment…).
In all these scenarios, Social Security will establish an approximate calculation of the date on which the worker will be able to retire and the amount of his retirement pension . However, it is important to emphasize that the simulation does not have binding effects and that it is still a tool to help the worker in order to get an idea about his future retirement.
The simulator’s calculations are the most up-to-date possible, since in doing so it takes into account the new pension legislation approved at the end of 2021, the so-called first leg of the ‘Escrivá reform’, which included changes in the revaluation of pensions, retirement early retirement and delayed retirement, among other matters.
The benefits of delayed retirement
Precisely, Social Security has insisted that, if once the calculation has been made, the worker is not satisfied with the resulting retirement pension, they can opt for that delayed retirement that grants different benefits to the worker if they extend that retirement beyond the age regular retirement.
After the changes introduced by the ‘Escrivá reform’, two benefit options are given for each year worked beyond the ordinary retirement age:
-An extra 4% of the regulatory base for calculating the pension.
-A single payment that will range from 4,000 to 12,000 euros (approximately) per year and that increases by 10% for workers with careers of 44 years and six months or more.