What is partial early retirement and at what age can it be requested?

As the years go by, our mind and body are getting more and more tired from work life. With the retirement age set at 67, more and more people are opting for the option of partial early retirement . In this article, we are going to explain what exactly partial early retirement is and what conditions you must meet to access it.

What is partial early retirement?

Partial early retirement is the perfect solution for those who are tired of working (that is, almost everyone) but who still do not meet the requirements for full retirement. With this option you can benefit from a reduction in working hours that ranges from 25% to 75% , so your working hours will be drastically reduced. 

Part of your salary will come from the hours worked in your company, and the other part will come from your pension paid by social security. If, for example, you partially retire at 50%, your working day will be 4 hours if you usually work full time. Your salary will be completed with the part of the pension corresponding to your retirement. 

Partial retirement is currently regulated by two different laws, but both agree that at least 60 years of age must have been completed to access partial early retirement, below we see all the conditions that must be met in order to access it. 

General conditions to access partial early retirement from social security

In 2013, the legislation to access partial early retirement was affected by a reform. Before, the early retirement age was 60, whether you were a mutualist or not. Now, this same age is maintained for mutualists, but it has been increased at the rate of 1 month per year until 2027, when the minimum age for early retirement will be 63 years.

Apart from the essential age requirement, you must absolutely meet other conditions in order to access partial early retirement. As there are two clearly differentiated options, we are going to separate them. 

Partial early retirement requirements with a relief contract

If you are not part of a mutual fund and you work as an employee, the conditions to access partial early retirement are much more demanding, let’s see what they are:

  • Currently the minimum age is 61 years and 10 months . In the following table you can see how the early retirement age will progress as the years go by.
  • Contract full time or assimilation of several part – time contracts that amount to a full day.
  • It is mandatory that a replacement contract be entered into simultaneously by the company. 
  • Reduction of working hours from 25 to 50% . If the relief contract is full-time and indefinite, you can opt for 75%.
  • Minimum contribution period: it is currently 35 years and it will increase 3 months each year until reaching 36 years and 6 months in 2027.
  • Seniority in the company: 6 years or more.