As of January 1, workers who want to retire with 100% of the pension will have to be 66 years and eight months old. although retirement without penalty will continue to be possible at age 65 if you have 38 years and 3 months of contributions to Social Security.
The 2011 pension system reform, agreed upon by the socialist government of José Luis Rodríguez Zapatero with employers and unions, established the progressive increase in the ordinary retirement age from 65 to 67 years, although he maintained the possibility of retiring at age 65 for longer listing careers.
The rule established a transitional period from 2013 to 2027 to raise the retirement age, as shown in the following table, which also specifies the years that must be contributed in order to continue retiring at age 65 without a reduction in the pension. .
Year legal age to retire at 65 years
2013 65 years and 1 month 35 years and 3 months or more
2014 65 years and 2 months 35 years and 6 months or more
2015 65 years and 3 months 35 years and 9 months or more
2016 65 years and 4 months 36 or more years
2017 65 years and 5 months 36 years and 3 months or more
2018 65 years and 6 months 36 years and 6 months or more
2019 65 years and 8 months 36 years and 9 months or more
2020 65 years and 10 months 37 or more years
2021 66 years 37 years and 3 months or more
2022 66 years and 2 months 37 years and 6 months or more
2023 66 years and 4 months 37 years and 9 months or more
2024 66 years and 6 months 38 or more years
2025 66 years and 8 months 38 years and 3 months or more
2026 66 years and 10 months 38 years and 3 months or more
2027 67 years 38 years and 6 months or more
In addition since 2013 it began to gradually increase from 15 to 25 years the calculation period to calculate the pension, a transition that ended in 2022, the year from which it is already calculated with the last 25 years of contributions.
The pension reform of the current coalition Government, which It was completed in 2023, establishing as a novelty a dual counting period that will come into effect in 2026 and that the most beneficial of two possibilities will be applied to calculate the pension: either the last 29 years of the career, discarding the worst 24 months, or the current calculation period (last 25 years).
Effective retirement age
The effective retirement age has risen 1.1 years in the last decade and has reached 65.2 years in 2024, an average that In the case of women it rises to 65.6 years, while for men it drops to 64.8 years.
According to the latest data available from Social Security, as of November of this year, 338,771 people had retired, of which 71% did so at the ordinary age or above with an average of 66 years, compared to 29% who retired from early with an average of 63.2 years.
In the case of early retirement, the average age rises to 64 years if it is voluntary and falls to 62.8 years for non-voluntary retirement.
A decade ago, involuntary early retirement accounted for one in every five registrations to the system and were a consequence of the increase in layoffs during the years of the financial crisis, while now it is a minority and only represents 3.5% of the total.
The age rises to 68 years in the case of delayed retirement, a modality incentivized since 2022 that has almost doubled in the last five years, since it accumulates 9.4% of registrations compared to the 4.8% it represented in 2019.
#year #retirement #rise #years #months
