Inps updates pension simulator, 30-year-olds to retire at 70
In particular, the Inps emphasises in a message, the adjustments to life expectancy increases in pension requirements have been updated on the basis of the median ISTAT demographic scenario (base 2022) relating to medium- to long-term trends in the pension system
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Key points
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Those in their thirties today risk retiring at 70. The Italian National Social Security Institute (INPS) has updated its pension simulator, adjusting it to life expectancy, and has returned a very unattractive picture for essentially young workers, predicting a forward shift in retirement from the labour market. Those who have turned 30 this year and started working recently will be able to retire between 66 years and 8 months if they have paid 20 years of contributions and accrued an allowance above a certain threshold (three times the monthly amount of the social allowance in 2024, i.e. EUR 1,603.23) and 74 if they fail to pay at least 20 years of contributions.
According to the simulator, a man born at the beginning of 1994 who started working at the beginning of 2022 and has at least 20 years of contributions will retire in December 2063 with 69 years and 10 months of age. On the other hand, the simulator has not yet been updated on the flexible early retirement pension for 2024, i.e. quota 103 with 62 years of age and 41 years of contributions, but only on the amounts to which one is entitled if one has met the requirements in 2023.
Inps updates pension simulator, 30-year-olds to retire at 70
The maximum amount for those who retire with the requirements of 2023 is five times the minimum pension (EUR 2,993.05 per month) until they reach old age when they will have the full amount accrued thanks to their contributions. The simulator shows that a man born in January 1980 who works in the private sector and started to pay in 2005 (entirely under the contributory system then) will retire at 68 years and 9 months in November 2048. He can anticipate it at 65 years and 7 months if he has accrued an allowance above a certain threshold (for 2024 three times the social allowance) but must postpone it until 73 years and 2 months of age if he does not accrue a total of 20 years of contributions.
Check out the Sole 24 Ore simulator here
Access without credentials
.In the Inps simulator in which one enters without credentials (such as Spid and Cie), remember to enter fundamental data such as any usurious activities, early work, military service, redemption of university degrees or imputed credit for compulsory maternity outside the employment relationship because they can change the calculation of the years needed to access the pension.
