As has been customary in recent years, the new year comes with a change in the retirement age. In 2025, workers who want to retire from the labor market with 100% of their pension will have to wait a little longer.
The latest reforms of the system have been aimed at trying to sustain the system since one of the great challenges is to face the escalation of expenses that the retirement of the ‘baby boom’ generation entails, something that has already begun to occur.
The new retirement age in 2025
It must be taken into account that the retirement age, although approved on a general basis, does not affect all workers equally. Mainly, because it is necessary to distinguish between those who They have a long working life compared to others in which it is somewhat less.
The first, that is, those who have a career of more than 38 years and three monthsthey will be able to continue retiring at age 65. The rest will be done later.
This coming year, workers who had contributed for 38 or more years have been able to retire at 65 years of age. Those who have contributed less than that limit could do so at 66 years and 6 months to avoid a penalty.
Now, in 2025, the Retirement age will be 65 years for those who have contributed 38 and three months and 66 years and eight months for those who have contributed less than. Thus, next year the changes are double. On the one hand, the minimum required to retire with a long working life is extended by three months. On the other hand, those who do not have many years of contributions will have to wait to retire two more months compared to those who did so in 2024.
All these changes are aimed at meeting the objective of increasing the retirement age so that From 2027 this will reach 67 years as the ordinary age.
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2024: 38 or more years of contributions – 65 years | 38 or less years of contributions – 66 years and 6 months
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2025: 38 years and 3 months or more of contributions – 65 years | 38.3 months or less of contributions – 66 years and 8 months
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2026: 38 years and 3 months or more of contributions – 65 years | 38.3 months or less of contributions – 66 years and 10 months
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2027: 38 years and 6 months or more – 65 years | Less than 38 years and 6 months – 67 years
In the case of early retirements, penalties They will also get tougher next year. In 2025 it will be necessary to be at least 64 years and 8 months old if you have less than 38 years of contributions to be able to retire early. In the case of having 38 or more years of contributions, it will be possible to access voluntary early retirement from the age of 63.
In this way, those who do not meet these requirements will have penalties that are applied for each month of advance. On the contrary, those who extend their working life beyond retirement age will receive incentives. These changes allow Social Security, on the one hand, to maintain more workers to finance the pension system and, on the other, to delay the payment of retirement pensions.
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