This increases the legal age to retire and receive the pension, and the corresponding required contribution periods
If there is a moment that many Spaniards yearn for, it is retirement. Those who approach this moment count the days to leave work and enjoy their retirement from work. In Spain, the pension system is based on the contribution time to receive this benefit when the established age is reached. An age for retirement that has been changing annually since 2013.
Retirement has different modalities for different situations, conditions of the worker or profession, but the majority of the population ends their working life with the so-called ordinary retirement. Although it is true that all of them share the requirement of being registered with Social Security to contribute. The minimum contribution marked to be entitled to this contributory benefit is 15 years. The pension may be requested if they meet this requirement and once they reach the legal retirement age. In 2023 this age will increase again. A change that also affects the quoted periods.
The changes for 2023
These are the ages and the contribution period that apply now and in the next year for retirement.
– 2022. If you are less than 37 years old and have contributed 6 months, you can retire after 66 years and 2 months. If you are 37 years and 6 months or older, you can retire at 65.
-2023. If you are less than 37 years old and have contributed 9 months, you can retire after 66 years and 4 months. Those who reach 37 years and 9 months or more will maintain the same established age of 65, which has not changed since 2013.
Some changes that derive from the pension reform of 1967. The year in which it was decided to modify the early retirement age in Spain and access to retirement was tightened. Currently, the average life expectancy in Spain stands at 82 years, making it the fourth longest-living country in the world. Taking this average into account, retirees would enjoy around 15 years of this pension. However, the delay in the retirement age harms health, according to a Fedea study published this year. To such an extent that it considerably increases the risk of dying between the ages of 60 and 69.
#retirement #arrive