Access the retirement Ordinary retirement in Spain, with 100% of the regulatory base, becomes more complicated every year and by 2025 the conditions for a person to be able to retire in our country will be strengthened. Since January 1, the number of years of contributions required to retire at 65 has increased. These are the changes that will come with superannuation starting next year.
He Government It was agreed at the time to tighten the conditions for people to access the ordinary pension in Spain and by 2027 the age of 67 will be reached so that people who do not meet the contribution conditions minimum can retire. The reason for this? The retirement system put in place in recent years is hanging by a thread due to the retirement age of the generation of baby boom in Spain (those born between 1958 and 1975) to which is added the alarm due to the low birth rate in our country.
At the end of 2024, investments in pensions and the number of retirees increase, and the births of children decrease. This makes future prospects unflattering and therefore from the point of view Ministry of Inclusion, Social Security and Migration They are making decisions to try to delay this investment in superannuation. One of them is to tighten over the years the requirements for people wishing to retire at 65, in addition to establishing penalties for those who wish to opt for early retirement and bonuses for those who wish to extend their active life.
By 2024, for a person to be able to access the ordinary retirement pension at age 65 and receive 100% of the benefit, they must have contributed for 38 years or more. Those who do not respect these contribution days in the Social security They must wait until age 66 and 6 months if they do not want to receive a penalty in the pension they will have for life.
Years of contributions to access retirement in 2025
Looking forward to the year 2025 The conditions for being able to retire in Spain are increasing. Those who wish to retire at 65 will have to have three months more than the 38 years of contributions and those who do not meet these conditions will have to wait until 66 years and eight months. This will increase in 2026, the date on which to retire at 65, the 38 years and three months of contributions will be maintained, but if these premises are not met, whoever wishes to receive the entire “payroll” will therefore have to do it 66 years and 10 months.
The big change regarding pensions comes in 2027, the final date of the last reform of the pension system. The new conditions for retiring in Spain will soon be made official, and everything indicates that they will be even stricter than in recent years. Thus, to be able to access the ordinary pension in 2027 At 65 you must have 38 years and six months of contributions. Those who cannot prove this contribution will have to wait until age 67, a date which represents a declaration of intentions regarding pensions. The table looks like this.
- 2024 – 65 years old if you are 38 years old or over with contributions – 66 years and 6 months.
- 2025 – 65 years if you are 38 years and 3 months contributed – 66 years and 8 months.
- 2026 – 65 years if you are 38 years and 3 months contributors – 66 years and 10 months.
- 2027 – 65 years old if you are 38 years old and 6 months contributory – 67 years old.
Pensions are increasing… and retirees
In 2024, the Ministry of Inclusion, Social Security and Migration approved an increase in contributory pensions of 3.8% and everything indicates, as reported at the time by BBVAthat the increase that the government will approve will be around 3%. The confirmation will take place next December, once the latest inflation data relating to the months of October and November are known, dates with which the calculation of the annual variation of Consumer Price Index from December 2023.
So, next year, pensions will increase, as will the number of retirees. During the last month of September, a record expenditure of 12,855.2 million euros was made, which served 10.2 million pensions for 9.25 million retirees. The number of pensions increased by 1.4% compared to the same period last year and the average Social Security pension increased to 1,258 euros per month, or 5.2% more than last year. .
