As of January 1, workers in Spain who want to retire with 100% of the pension will have to be 66 years and eight months old, although retirement without penalty will continue to be possible at age 65 if they are 38 years and 3 years old. months contributed to Social Security.
The reform of the pension system in 2011, agreed upon by the socialist Government of José Luis Rodríguez Zapatero with employers and unions, established the progressive increase in the ordinary retirement age from 65 to 67 years.although he maintained the possibility of retiring at age 65 for longer listing careers.
The rule established a transitional period from 2013 to 2027 to raise the retirement age, as shown in the following table, which also specifies the years that must be contributed in order to continue retiring at age 65 without a reduction in the pension. .
YEAR LEGAL AGE TO RETIRE AT 65 YEARS
- 2013 65 years and 1 month 35 years and 3 months or more
- 2014 65 years and 2 months 35 years and 6 months or more
- 2015 65 years and 3 months 35 years and 9 months or more
- 2016 65 years and 4 months 36 or more years
- 2017 65 years and 5 months 36 years and 3 months or more
- 2018 65 years and 6 months 36 years and 6 months or more
2019 65 years and 8 months 36 years and 9 months or more
- 2020 65 years and 10 months 37 or more years
- 2021 66 years 37 years and 3 months or more
- 2022 66 years and 2 months 37 years and 6 months or more
- 2023 66 years and 4 months 37 years and 9 months or more
- 2024 66 years and 6 months 38 or more years
- 2025 66 years and 8 months 38 years and 3 months or more
- 2026 66 years and 10 months 38 years and 3 months or more
- 2027 67 years 38 years and 6 months or more
Likewise, since 2013, the calculation period for calculating the pension began to gradually increase from 15 to 25 years, a transition that ended in 2022, the year from which it is already calculated with the last 25 years of contributions.
The pension reform of the current coalition Government, which was completed in 2023, established as a novelty a dual calculation period that will come into force in 2026 and that will apply the most beneficial of two possibilities to calculate the pension: or the last 29 years of career, discarding the worst 24 months, or the current counting period (last 25 years).
Effective retirement age
The effective retirement age has risen 1.1 years in the last decade and has reached 65.2 years in 2024, an average that in the case of women rises to 65.6 years, while for men it drops to 64.8 years.
According to the latest data available from Social Security, as of November of this year, 338,771 people had retired, of which 71% did so at the ordinary age or above with an average of 66 years, compared to 29% who retired from early with an average of 63.2 years.
In the case of early retirement, the average age rises to 64 years if it is voluntary and falls to 62.8 years for non-voluntary retirement.
A decade ago, involuntary early retirement accounted for one in every five registrations in the system and were a consequence of the increase in layoffs during the years of the financial crisis, while now it is a minority and only represents 3.5% of the total.
The age rises to 68 years in the case of delayed retirement, a modality incentivized since 2022 that has almost doubled in the last five years, since it accumulates 9.4% of registrations compared to the 4.8% it represented in 2019.
Source: Ambito
