How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Rakhi Vasavada Your Own Question
Rakhi Vasavada
Rakhi Vasavada , Financial and Legal Consultant
Category: Finance
Satisfied Customers: 4419
Experience:  Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
43581946
Type Your Finance Question Here...
Rakhi Vasavada is online now
A new question is answered every 9 seconds

I have been living and working in Spain for the past 13 years

Resolved Question:

I have been living and working in Spain for the past 13 years with a two year break in 2009 1nd 2010. I am currently 64 years old and want to know what if any my pension entitlement is in Spain
Submitted: 3 years ago.
Category: Finance
Expert:  Rakhi Vasavada replied 3 years ago.
Dear Friend,

Hello and welcome. Thank you for using Just Answer. Let me try and throw some light on your issues.

You must be aware that the current retirement age is 65 for both men and women but there is also a minimum retirement age when it is possible to retire on a state pension from 61 years of age but this is only for people who have made thirty years of contributions to at least the minimum level and who have stopped work for no fault of their own and have been registered for six months with the employment office.

Minimum Pension


Anyone retiring without having made the minimum of 15 years of pension contributions will get the bare minimum "welfare" pension which is currently set at 340€ a month (but paid 14 times a year so annually 4,756€ a year).

Contributory Pension


Having paid social security for 15 years (2 of which must have been in the last ten years before retirment) it is possible to claim a contributory pension based on a combination of the amount of years contributions and the amount actually paid, but there is a minimum which is considerably more than the welfare pension: 588€ a month or 8,229€ a year, rising to 10,152€ a year if you are married to someone who has no pension. Those who have made the maximum contributions can receive up to 35,000€ pa.

By the time you will be 65, minimum retirement age, you would have contributed approximately 12 years. You might have to postpone taking retirement keeping the minimum pension -- 15 years Contribution period in view.

I am sure this would help.

You may please leave a positive rating if this helps as this is the only way we get credited for assisting you. Alternatively please feel free to reply with further queries if you have and I would be more than happy to assist you further.

Warm Regards
Customer: replied 3 years ago.

Thank you for your answer as you say it may be wise to carry on working till I reach the 15 year mark... Can you tell me how I can go about confirming exactly how long I have been paying social. It might seem a silly question but when I was self employed I am not exactly sure within a six month period of when I started paying. How can I check my payment record. Thank you in advance Keith


 

Expert:  Rakhi Vasavada replied 3 years ago.
Dear Kieth,

Hello and welcome again. Thank you for using Just Answer.

Before I address your question, as you say that you have been living and working in Spain for nearly 13 years, I presume that you might have worked elsewhere as well. It is important for you to know that if you have worked in any other European country for any period and have made any contributions, each one of them is taken into account when calculating your pension or benefit. You must therefore give as much information as possible about your working life when you apply.

Coming to your question, I would refer you the following two sources from which you can seek information. I would not be able to elaborate much on that as they are in Spanish.

http://www.seg-social.es/Internet_1/Oficinas/Listado/index.htm?loc=5&Cod_Centro=1&Org=T


http://www.seg-social.es/Internet_1/Oficinas/index.htm


The following is for your general information and reference.

http://ec.europa.eu/employment_social/empl_portal/SSRinEU/Your%20social%20security%20rights%20in%20Spain_en.pdf


I am sure this would help.

You may please leave a positive rating if this helps as this is the only way we get credited for assisting you. Alternatively please feel free to reply with further queries if you have and I would be more than happy to assist you further.

Warm Regards
Expert:  Rakhi Vasavada replied 3 years ago.
Dear Kieth,

Is there anything more I can assist you with?

You may please leave a positive rating if this helps as this is the only way we get credited for assisting you. Alternatively please feel free to reply with further queries if you have and I would be more than happy to assist you further.

Warm Regards
Rakhi Vasavada and other Finance Specialists are ready to help you