Retirement
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Malaga
Monday, 9 December 2024, 11:37
New year... new retirement age. With the change of the calendar on 1 January comes changes in the rules of the game for workers in Spain who want to retire from their jobs with 100% of their state pension and it means they will have to wait a little longer. Still, bear in mind that this revised retirement age, although generally approved, does not affect all employees in the same way.
Therefore, those with a working life with contributions of more than 38 years and three months will still be able to retire at the age of 65. The rest will retire later. In the current financial year (1 January to 31 December 2024), workers who had paid contributions for 38 years or more could retire at the age of 65. Those who have contributed less than this limit could do so at 66 years and 6 months without being penalised.
As of 2025, however, the retirement age will be 65 for those who have contributed 38 years and three months and 66 years and eight months for those who have contributed less. Therefore, in the coming year, the changes are twofold. For one, the minimum required to retire with a long working life is extended by three months. Secondly, those who have not paid contributions for as many years will have to wait two months longer to retire than those who did so in 2024.
All these reforms are aimed at meeting the objective of raising Spain's retirement age to 67 to become the normal retirement age from 2027.
In the case of early retirement the penalties will also be tougher. 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 in order to be able to retire early. In the case of 38 years or more of contributions, voluntary early retirement will be possible from the age of 63.
Therefore, those who do not comply with these requirements will have penalties applied for each month in advance. In contrast, those who extend their working life beyond retirement age will receive incentives. These changes mean more social security contributors financing the pension system while also delaying the payment of retirement pensions.
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