At what age can I retire in Spain? That question assails our minds on a recurring basis throughout our working lives. And even more so when news appears such as the delay in the retirement age in France, from the current 62 years to 64. Macron's decision unleashed a thousand demonstrations throughout the country and eight days of general strike, protests and mobilizations that many Spaniards do not stop watching with a bit of envy, taking into account that here the time to conclude the work stage is later and it only stretches year by year.
And it is that Spanish workers must assume that their working life will last longer than expected so that the pension system does not collapse, especially in the coming years, coinciding with the retirement of the 'baby boomers' in the 2030s and 2040. To guarantee the system, the Government of Pedro Sánchez has just presented the second part of the pension reform, which includes increases in maximum bases and contributions, the establishment of a dual model to calculate the pension and improvements in the minimum pensions.
It should be remembered that the progressive system by which the retirement age gradually increases each year began in 2013 and will end in 2027. Since 2018, the legal ordinary retirement age has been delayed by two months, in addition to increasing the contribution period to be able to collect the 100% of the pension.
The legal retirement age depends on the years of contributions. Specifically, in 2023 a person can retire when they are 65 years old, as long as they prove more than 37 years and 9 months of contributions. If you accumulate fewer years of contributions, you cannot retire until you have reached 66 years and 4 months.
Regarding voluntary early retirement, the person must have reached the age of 63 present a minimum of 37 years and 9 months of contributions. If that contribution figure is not reached, early retirement cannot be requested until you have reached 64 years and 4 months.
And within four years, in 2027, the ordinary retirement age will be 67 years when a minimum of 38 years and six months has not contributed. To collect the pension at 65 years of age, it will be necessary to accumulate more than 38 years and 6 months of contributions.
Some experts consider the latest pension reform measures insufficient, arguing that the legal retirement age should be extended to around 68-72 years to adapt the system to ageing.
The two formulas to calculate the regulatory base with which the pension will be determined from 2027 are (Social Security will apply the one that is most advantageous for the worker):
The dual scheme to access the pension will be valid for 20 years. As of 2044, the pension will only be calculated with the last 29 years of contributions, from which two years may be discarded.
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