Reaching the ordinary retirement age in Spain is the goal of every worker who contributes day after day to Social Security. Over the years, the requirements for retiring in our country will become stricter and by 2027 there is already a stipulated date of 67 years to be able to retire with 100% of the regulatory base for people who have not complied with the minimum contribution.
Spain has invested a total of 12,828.7 million euros pensions last August and everything indicates that the amount will be higher in the coming years. The pension system as it is structured in our country will have to coexist in the coming years with the long life expectancy of the beneficiaries of benefits and will be condemned to maintain a high percentage of affiliates in the pension system. Social security.
In order to make the system more viable, the Ministry of Inclusion, Social Security and Migration It even opened up the possibility for individuals to extend their working lives by creating a system of incentives so that they could continue to contribute to the economy. Social security and extend your retirement. These supplements amount to 4% on the regulatory base for each full year of contributions after reaching the age of access to ordinary retirement and there is also the possibility of choosing a single payment for each year of delay which can range from 5,000 to 12,000 depending on the amount of the pension and the years of contributions.
Retirement age in 2027
The conditions for being able to access the ordinary retirement They will become more difficult over the years and the minimum age of 67 for 2027 is a sample of what will happen in the years to come. For now, for 2024, the minimum retirement age remains 65 for those who meet the 38 years of contributions and 66 years and 6 months for those who do not reach this minimum contribution.
Already in 2025, retirement conditions will be tightened, since to retire at 65 with 100% of the benefit, it will be necessary to have contributed 38 years and three months (90 additional days are added) more in the Social security. For those who do not meet these requirements, they can retire with the full regulatory base at 66 years and 8 months.
By 2025, voluntary early retirement will remain in force two years before the minimum retirement age. In this way, people who complete their years of contributions will be able to retire at 63, while those who do not reach the minimum age of 38 years and three months will be able to do so from 64 years and eight months.
With regard to involuntary or forced early retirement, which occurs when the worker in question suffers a layoff in his company, the members of the Social security They can be accepted 48 months before the ordinary retirement age. Thus, those who meet the minimum contribution will be able to retire at 61 and those who do not will have to wait until 62 years and 8 months.
In anticipation of next year 2026, the minimum contribution period will not change (it will remain 38 years and three months of contributions) for those who wish to retire at 65, while those who do not meet the minimum requirements will have to wait until 66 years and 10 months. In 2027, the big change will affect the retirement of millions of Spaniards. Those who wish to retire with 100% of the regulatory base at 65 will have to have contributed for 38 years and 6 months, while those who do not reach this minimum contribution will have to wait until 67 years.
An age that, everything indicates, could increase in the coming months, in which there will be a decisive moment in terms of pensions in our country. Extending the duration of pension activity and maintaining the maximum number of affiliates to Social Security may be the formula to support a system that seems to need a renewal according to the times in which we live.
Retirement Dates
- 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.
