Retiring at a certain age is a key advantage provided by the Social Security system to ensure the well-being of workers.
Understanding the workings, eligibility criteria, and valuation of the Pension Reform and new rules applicable in 2024 is essential.
This comprehensive manual provides current information and real-life examples to assist you in effectively and clearly guiding your clients.
What does Age Retirement mean?
Retirement based on age is a pension benefit provided to individuals who have reached a specific age and fulfilled the contribution criteria to the INSS.
This benefit is granted based on a minimum age requirement and not just the number of years contributed, making it a key method of ensuring financial security in old age.
Retirement Age Criteria in 2024 as outlined in Article 19 of EC 103/2019.
After the Pregnancy Reform, EC 103/2019, retirement combined age and contribution time requirements (Article 19, EC 103/19).
- Women can retire at 62 years old with at least 15 years of contributions.
- Men can retire at 65 years old after contributing for 20 years.
Art. 19 of EC 103/2019 includes some exceptions to these rules in § 1.
- Check our comprehensive article on Special Retirement (Article 19, Section 1, Item I, Constitutional Amendment 103/19).
- Teacher retirement is granted to those who demonstrate effective teaching performance in early childhood education, primary education, and high school.
- The teacher is 57 years old and has been teaching for 25 years.
- A teacher who is 60 years old with 25 years of experience.
To find out the specific regulations for Rural Retirement and Special Retirement, refer to our full documents.
How much time does it take to exit retirement based on age? [Article 49, Law 8.213/91]
The INSS analysis determines the deadline for retirement based on age.
Benefit entitlement is mandated by Article 49 of Law No. 8.213/91.
- Employees:
- Up to 90 days after the job shutdown, as stipulated in Article 49, Section I, subsection a of Law No. 8,213/91.
- If no closure occurs within 90 days from the application date (Article 49, Section I, b, Law No. 8,213/91).
- For other policyholders: Starting from the application date as per Article 49, II of Law No. 8,213/91.
The INSS typically has a maximum of 45 days to approve the benefit following the application, with the possibility of delays.
What is the significance of retirement based on age? [Article 26, Section 2, EC 103/2019]
The calculation is determined by taking 60% of the average of all contribution salaries dating back to 1994, along with any additional amounts (Article 26, Section 2, EC 103).
- 2% increase per year for contributions beyond 15 years for women and 20 years for men.
Calculating Retirement Age: Step by Step
It is essential to follow these steps to determine the value of Retirement Benefit by Age.
- View CNIS: Review the payment record.
- Calculate the average salary by considering all wages from July 1994 onwards (or from the beginning of contributions).
- Apply 60% of the average wage plus an additional 2% for each year beyond 20 years of contribution for men or 15 years for women.
- Compare with the minimum wage and the maximum limit set by the INSS to ensure you are within the boundaries.
What is the guideline for retiring based on age?
Before the pension reform, women could retire at 60 years old, while men could retire at 65 years old.
The female minimum age was adjusted to 62 years with a minimum contribution period of 15 years under EC 103/19, along with a requirement of at least 180 months of lack for both genders.
Some guidelines were established to facilitate a seamless transition into retirement at a specific age.
Rules for transitioning into retirement for women of a certain age [Article 18, EC 103/3019]
Women who have made contributions prior to the Pension Reform (13/11/2019) are subject to a particular transitional regulation outlined in article 18 of EC 108/19 for their retirement based on age.
- Minimum requirement for participation: 15 years.
- Minimum age for progressiveness.
- 2019 marks the 60th anniversary.
- 2020: Six decades and a half
- 2021 marks the passing of 61 years.
- 2022: 61 and a half years
- In 2023, it will be 62 years.
The calculation rule for determining retirement benefits remains unchanged from what was established in the pension reform.
Age retirement transition regulations for men [Article 18, EC 103/2019]
Men who had made contributions prior to the promulgation of EC 103 (13/11/2019) can opt for retirement based on age if they have completed 15 years of contribution, a minimum of 180 months of defiance, and are at least 65 years old (Article 18, EC 103).
The calculation of retirement benefits follows the guidelines set by the reform.
Are you prepared to ask your customer about their retirement plans?
Understanding retirement in 2024 by age is crucial for accurately and efficiently helping your clients.
With the correct information and preparation, you can guarantee that your clients have the ability to exercise this essential right. For additional advice and resources on improving legal processes, explore the capabilities of our AI designed for legal professionals to enhance your work.
Frequently Asked Questions
Can you collect both Retirement and Pension at the same time?
How to retire at a certain age?
The order can be placed via the My INSS website or app.
Documents like RG, CPF, proof of address, contribution history (CNIS), and birth certificate or marriage certificate, if applicable, are required.
Can you work after you retire?
The retiree can still work, unless they are in certain retirement situations that call for avoiding risky activities.
The pension contribution is still required for those who continue to be part of the workforce.
Is it possible to retire at a certain age without having made any contributions?
BPC/LOAS (Continued Benefit) is targeted at vulnerable individuals aged 65 and above.
To learn additional information about this advantage, refer to our comprehensive manual.