Who doesn’t dream of an early retirement? The Costa Rican Social Security Fund (CCSS) is now offering this option in certain cases, with a regime reform to come into place on January 11, 2024.
The Disability, Old Age and Death Regime (IVM) usually allows men to retire at 65 years of age as long as they’ve paid 300 installments and women at 59 years and 11 months with at least 450 installments.
This will be changed for men to 61 years and 11 months of age with at least 462 installments and for women the age actually increases to 63 years but the installments are lowered to 405. This change applies only to those who use a voluntary pension to fund their early retirement.
Those affiliated with the IVM can opt for early retirement, anywhere from 1 day early to five years early, as long as they have saved enough to do so with a voluntary pension plan. The cost depends on the amount of the original pension.