Retirement Pension Simulator
Estimate your monthly retirement pension based on years contributed, average salary and expected retirement age.
Results
Estimated monthly pension
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Replacement rate
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Years until retirement
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Estimated total contributions
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Pension projection
The pension is calculated from the regulatory base (average of the contribution bases over the last 25 years, adjusted) multiplied by the percentage corresponding to the years contributed, according to the Social Security's progressive scale.
If your replacement rate is below 80%, consider supplementing your public pension with a private pension plan or another long-term savings product.
When should you use this calculator?
The contributory retirement pension in Spain is calculated from the regulatory base, obtained by dividing the contribution bases of the last 25 years (300 months) by 350, then applying a percentage based on years contributed.
How it is calculated
The calculation starts from the regulatory base: the average of your contribution bases over the last 25 years worked (300 months), updated in line with inflation, divided by 350. A percentage is then applied to that regulatory base based solely on years contributed: with 15 years you access 50%, and that percentage rises progressively up to 100% with 36 years and 6 months contributed. If you have had contribution gaps within those last 25 years, the regulatory base can be reduced unless they are covered by the legal gap-integration mechanism.
Practical example
A numeric example: with an average salary of €30,000/year over the last 25 years, no contribution gaps, and 25 years contributed in total, the monthly regulatory base is €2,500. The applicable percentage for 25 years contributed is 73.26%, giving an estimated monthly pension of €1,831.40 and a replacement rate of 73.26% of the last equivalent salary. If there had instead been 5 years of contribution gaps within that period, the regulatory base is reduced proportionally and the estimated pension drops to €1,465.12 a month, even while contributing the same 25 years in total.
Legal and tax context
The ordinary retirement age currently ranges between 65 and 67, depending on years contributed (with 38 years and 3 months contributed or more, the ordinary age stays at 65). There are also two ways to retire earlier: voluntary early retirement (from age 63 with at least 35 years contributed) and involuntary early retirement (from age 61, for reasons beyond the worker's control, such as a dismissal), both with reducing coefficients on the pension that get harsher the earlier retirement happens. Delayed retirement, by contrast, increases the pension through an additional percentage or a lump sum for each year contributed beyond the ordinary age.
It is possible to draw a pension and keep working through active retirement (compatible with up to 50% of the pension if working self-employed or as an employee) or flexible retirement (reduced working hours with partial pension payment). Both arrangements have specific requirements and percentages that are worth reviewing case by case before applying, since the financial outcome varies depending on the option chosen.
Common mistakes
A common mistake is thinking that years contributed and the years used for the regulatory base are the same thing: years contributed determine the applicable percentage (73.26% in the example above), while the regulatory base is calculated over a different period (the last 25 years worked). Another frequent mistake is overlooking the effect of contribution gaps, which can meaningfully reduce the final pension even if the total years contributed is high. It's also worth remembering that, regardless of the calculation result, there is a maximum pension cap that no contributory pension can exceed, revised every year.
Practical tips
When the estimated replacement rate falls below 80% of the last salary, it is usually worth considering complementary savings: individual pension plans, occupational pension schemes, PPA (insured pension plans) or investment funds, each with different tax advantages and liquidity conditions. The earlier you start contributing to that complementary savings, the lower the monthly effort needed to reach a target capital, thanks to the effect of compound interest over the long run.
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Frequently asked questions
How many years must I contribute for a full pension?
Currently 36 years and 6 months of contributions are needed to access 100% of the regulatory base (the exact figure changes yearly under current law).
What is the regulatory base?
It is the average of the contribution bases over the last 25 years worked, adjusted for inflation, divided by 350.
Do contribution gaps affect my pension?
Yes, they can reduce the regulatory base unless covered by the legal gap-integration mechanisms.
Can I retire before age 67?
Yes, there are voluntary early retirement options (from age 63 with at least 35 years contributed) and involuntary early retirement (from age 61, for reasons beyond the worker's control). Both apply reduction coefficients that lower the monthly pension.
Can I receive a pension while still working?
Yes, through active retirement (compatible with 50% of the pension if you work as an employee or are self-employed) or flexible retirement (reduced working hours with partial pension payment). Conditions vary case by case.
How can I supplement my public pension?
The most common options are individual pension plans, employer pension plans, PPAs (Insured Pension Plans) and investment funds. Each has different tax advantages and liquidity conditions.
What is the difference between years contributed and the years used for the regulatory base?
Years contributed determine the percentage applied to the regulatory base (50% at 15 years, up to 100% at 36 years and 6 months); the regulatory base, on the other hand, is calculated over a different period: the average of your contribution bases over the last 25 years worked.
Is there a maximum cap on the retirement pension?
Yes, regardless of the calculation result, no contributory pension can exceed the maximum amount set each year by royal decree. If the calculation gives a higher result, the pension is capped at that limit.
What is flexible retirement?
It is an arrangement that lets you reduce your working hours (between 25% and 50%) while receiving the proportional part of your pension, combining partial salary income with the pension during the last years before full retirement.
When is it worth starting to save for complementary retirement income?
As early as possible, since complementary savings benefit from compound interest: starting years earlier lets you reach the same target capital with lower monthly contributions than starting late.