Retirement Age In Spain Set To Increase Next Year

The Spanish government have announced that starting in 2024, the retirement age in Spain will progressively increase until 2027.

Retirement is a very bizarre situation for many people because the longer that you work, it feels as though the official retirement age starts to get further and further away, making it a long and drawn-out process.

For anyone who has worked in Spain and been paying into their ‘Seguridad Social’ Social Security public pension pot, the retirement age will now be increased over a four-year period, starting on January 1, 2024, and running up until 2027.

From January 1, 2024, people who are working and have worked in Spain and have paid their Social Security contributions for more than 37 years and nine months will be able to officially retire when they reach the age of 66 years and six months.

In simpler words, an additional two months will now be added to the minimum retirement age from the start of next year, that is in comparison to what the age has been in 2023.

Retirement Age Set To Increase In Spain

Those people who are over the age of 65 and have paid Social Security for more than 38 years will be able to access ordinary retirement, while also receiving 100% of their pension, as per the new rules.

There is an alternative for people living in Spain, however, and this is taking voluntary early retirement. This can be taken up by people when they are up to two years premature to their legal retirement age, so when you are 64 years and six months old.

retiring early always sounds like a great idea and an ideal way for people to spend their latter years in comfort and relaxation, but it does obviously still have its drawbacks, none more so than you not be entitled to receive your full pension.

67 To Become The New Legal Age To Retire

Instead, you will only receive a fraction of the lump sum depending on how early you decide to take this voluntary decision, and also how long you have been contributing toward the Social Security.

As mentioned above, the retirement age is set to progressively get further away for people, so in 2025, 2026 and finally, 2027, it only appears to be bad news for people with one eye on retirement, because in four years time, the legal retirement age will be 67.

For people who own a UK state pension, but find they have gaps in their National Insurance contribution due to the fact they have been residing abroad, then the government has decreed an extension for them to pay and plug those holes and in turn, receive their full UK pension.