By Tamsin Brown • 02 January 2022 • 10:04
Retirement hot-spot: Spain
From January 1, 2022, the retirement age in Spain has risen and anyone who works beyond this age will receive a bonus of 12,000 euros a year, and pensions have also increased by 2.5%.
Anyone who wants to retire from Saturday, January 1, with 100% of the pension will have to be aged at least 66 and two months, in accordance with the modifications made to pension legislations in 2013. These modifications stated that the retirement age would be progressively raised from 65 to 67 over a total of 15 years.
The age required for those who have contributed for less than 37 years and 6 months will be 66 years and two months.
If workers have contributed for more than 37 years and six months, those who wish to retire from January 1 with 100% of the pension will have to be at least 65 years old.
The minimum contribution requirement for access to the contributory retirement pension did not change in 2013 and was kept at a minimum of 15 years.
Furthermore, from January 1, the period for the calculation of pensions rises by a year, from 24 to 25 years. This means that the pension will be calculated based on contributions from the last 25 years.
In the case of workers who wish to have partial retirement without a release contract (contrato de relevo) from the company, the minimum age for access will be the ordinary retirement age.
If the company provides a release contract to cover the work time that the person stops working, the minimum age for partial retirement will be 62 years and two months if they have contributed at least 35 years and six months, or 63 years and four months if they have contributed 33 years.
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Originally from London, Tamsin is based in Malaga and is a local reporter for the Euro Weekly News covering Spanish and international news.
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