Reaching the age of access to ordinary retirement is a great achievement in Spain and, given what is coming, it will be even more so in the years to come. Over the years, the conditions for being able to retire with 100% of the benefits become stricter, and from 2027, the age limit of 67 will be reached for those who have not contributed enough. At present, to be able to retire at 65 from 2025, the conditions have already increased.
The pension system in Spain as we have known it is hanging by a thread due to the arrival of the baby boom generation at retirement age and the increase in life expectancy which requires a large affiliation to the pension system. Social security by people of active working age. The low birth rate in our country portends a bleak future for the social protection system.
Last August, Spain spent 12,828.7 million euros on pensions and everything indicates that this amount will increase in the coming years. Considering what is coming in the not too distant future, Ministry of Inclusion, Social Security and Migration They have started to tighten the conditions to be able to receive the ordinary retirement pension with 100% of the regulatory base.
The age you can retire in 2025
First of all, in 2027 you will reach the age of 67 to be able to retire in Spain if you do not meet a minimum contribution. In 2024, the age set to be able to retire is 65 for people who have been contributing for 38 years or more, while those who do not reach these years will have to wait until 66 years and 6 months. Here, it must be taken into account that in the past, Spain Many companies have avoided hiring people who have been working for years without being able to contribute.
In 2025, to be able to retire at age 65 with 100% of the statutory base, it will be necessary to have contributed to Social Security for 38 years and three months, thus increasing the years worked by 90 days. Those who do not meet this condition will have to wait until they are 66 years and 8 months old. For 2026, the years of contributions to be able to retire remain the same (38 years and three months), but if this premise is not met, people who wish to retire with 100% of the benefit will have to wait until they are 66 years old and 10 months old.
In 2027, the conditions will be more difficult and this is a sign of what could happen in the years to come. To be able to retire at 65, you will have to have contributed for 38 years and six months during your working life, while those who do not meet these conditions will have to wait until 67.
The pension table until 2027
- 2024 – 65 years old if you are 38 years old or older with contributions – 66 years and 6 months.
- 2025 – 65 years old if you have 38 years and 3 months of contributions – 66 years and 8 months.
- 2026 – 65 years old if you have 38 years and 3 months of contributions – 66 years and 10 months.
- 2027 – 65 years old if you have 38 years and 6 months of contributions – 67 years old.
A government solution
In order to delay the retirement age of those who work, the Administration has put on the table a series of incentives linked to the supplements that are added to the regulatory base. Workers who wish to do so can choose between two options: a bonus of 4% on the regulatory base for each year of contributions after reaching retirement age or a single payment for each year of delay between 5,000 and 12,000 euros depending on the amount of the pension. and years of contributions. People who wish to do so can also choose a mixed system between the two.
Gonzalo BernardosProfessor of Economics at the University of Barcelona and TV talk show host, made it clear in an interview that these conditions hardly pay workers. “Does it pay to be retired longer? Let’s do the math. If they pay me 4% more for every year I extend my working life, that means that for it to be profitable, I have to live 25 more years after retirement. Be careful, it can come out like that. For women, it can work well because they have a higher survival rate, but not for men,” he said.
“If they give me one payment and they give me 12,120 euros, it doesn’t work for the majority for the simple reason that they charge more than that money. The main reason for extending the retirement age is to allow social security to be financed. Therefore, what you have to pay to pensioners has to be less than what you are going to save,” he said at the time in The sixth.
