Will it get harder to retire in 2024? Understand changing requirements

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The minimum age and contribution time have increased for people who were already contributing before the Social Security reform in November 2019. INSS, Social Security, retirement Pedro França/Agência Senado Workers who are about to retire need to be aware of the new requirements established for the Social Security reform that comes into force in 2024. The general rule requires women to retire at a minimum age of 62, and with at least 15 years of contributions. For men, it is 65 years of age and 20 contributions. For those who already contributed to the INSS before the reform was approved, in November 2019, the government created a transition regime that provides for changes every year, until 2031, in the rules for retirement. See what changes for these people in 2024: The minimum age to apply for retirement increases by six months compared to the previous regime. Women must be at least 58 years and 6 months old. For men, the minimum age is now 63 years and 6 months. The minimum contribution time is now 30 years for women and 35 for men. There are also changes to the points rule, which adds the contribution time to the worker’s age. The minimum score required will be 91 for women and 101 points for men. Understand the five pension reform transition rules below and then see how to calculate your retirement. ⚠️ Transition rules The transition rules are aimed at those who already contributed before the approval of the Social Security reform, and were created to establish a transition between the old and current requirements of the benefit. Each of them can change the moment in which the benefit will be granted and the amount that the worker will receive. Thus, the taxpayer can retire based on the rule that is most beneficial to him. See details of each one from the topics below: Contribution time + minimum age; By age; 50% toll; 100% toll; Points rule. INSS retirement requirements will become stricter from 2024 Contribution time + minimum age In this category, the minimum retirement age is progressive and increases by six months annually. Furthermore, a minimum contribution time is required, 30 years for women and 35 for men. Progressive age table By age The rule considers a minimum age of 65 for men and 62 for women, and a contribution period of 15 years for both. 50% toll Targeted at workers who were about to retire in 2019, the rule establishes a “toll” equivalent to 50% of the remaining contribution time. For example: a worker who had already contributed for 33 years and who, before the Social Security reform, only had another 24 months of contributions outstanding, will have to work for another 12 months. 100% Toll The modality requires the worker to fully complete the outstanding contribution period before retiring. In this method, the advantage lies in the value of the benefit, which can be greater than the 50% toll. Points rule These are the points obtained from the sum of age and contribution time. In 2024, the minimum score will be 91 for women and 101 points for men. Just like the progressive age rule, the number of points increases each year. 🧮 Calculate your retirement The National Social Security Institute (INSS) has released a resource that helps you know how long until you retire (by age or contribution time). The simulation is carried out using information in the INSS database. It is also possible to include links and change your date of birth at the time of the simulation. The result generated by the calculator is valid for consultation only and does not guarantee the right to retirement. This request is made online — there is no need to go to the INSS. See how to access the simulator: Enter My INSS; Enter your CPF and password; Click on “What do you need?” and write “Simulate Retirement”; Simulations will be displayed for all rules, before and after the pension reform; Click “Download PDF” for more details. READ ALSO: Paternity leave: understand what the law says and why the issue came up again Watch: ‘Holidays’ of 2024: see the planned days off

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