Greece: Financial impact of early retirement options

Thousands of insured individuals in Greece are utilizing special insurance legislation to retire before the standard age of 67, sometimes even before reaching age 62. This trend is driven by the desire for financial security through a stable monthly income and the ability to combine pension benefits with continued employment income.

Early retirement carries a penalty that applies exclusively to the national pension portion, rather than the total pension amount. The reduction is calculated based on the number of years remaining until the age of 67. For every year remaining, the national pension decreases by 5%, with a maximum penalty of 30% for those retiring five or more years early. The contributory pension remains unaffected by these specific reductions.