Being able to access the ordinary retirement pension in Spain with 100% of the benefit is increasingly complicated and for next year, the conditions to be able to receive the full amount will be strengthened. This will increase every year until 2027 (for now) when the age of 67 will be reached for people who have not completed their years of contributions to Social Security. We must therefore be careful about what will happen in the coming years regarding retirement system.
Last August, record spending was made on pensions 12,828.7 million euros which was more than six points higher than the figure set for the same month of 2023. Everything indicates that in the coming months this investment will increase due to the annual increase in pensions and the arrival of the so-called generation of the baby boom at retirement age. Therefore, since the Ministry of Inclusion, Social Security and Migration They have increased penalties for people who want to take early retirement and are giving bonuses to those who choose to retire later once they reach retirement age in order to have access to the pension.
In addition, the conditions are also strengthened so that workers can access the retirement ordinary with 100% of the benefit. For 2024, the conditions to be able to retire at 65 are to be 38 years old or older with contributions and if you do not meet the conditions, you must wait until you are 66 years and 6 months old. The first change will occur in 2025: people wishing to retire at 65 will have to contribute for an additional three months in addition to the age of 38. Those who do not meet these conditions will also have to wait until they are 66 years and 8 months old.
At 66 years and 10 months, people who do not have 38 years and three months of contributions will be able to retire in 2026. And it will be in 2027 when you reach the age of 67 to retire if you do not reach 38 years and six months of contributions. At 65, only people who meet these retirement conditions will be able to retire. price. Here is the pension table for the next few years:
- 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.
Increase in pensioners’ pensions
By 2025, the Government is also preparing an increase in pensions in order to adapt to the Consumer Price Indexthe one known as IPCIn 2024, contributory pensions increased by up to 3.8% and as for 2025, it seems that the increase will be around 3%, based on the average resulting from the average inflation between December 2023 and November 2024.
Given the low data of the last few months, everything indicates that this average will be lower than last year. This calculation is made by following Law 21/2021 of December 28, to guarantee the purchasing power of pensions and other measures aimed at strengthening the financial and social sustainability of the public pension system.
Regarding the date on which the increase in pensions for next year will be known, everything indicates that it will be in December when it will be communicated. Once the inflation data for November 2024 are known, the final calculations will be made and everything indicates that pensioners will know what they will receive next year from the second week of the last month of the year.
Regarding non-contributory pensions, which are those that people who have contributed to Social Security for less than 15 years have access to, it seems that there will be a new significant increase after increasing by 6.8% in 2023. According to rumor, this type of pension could see an increase of 14.1% that could benefit around half a million Spaniards, who are entitled to this retirement or disability benefit.
