Spain's Retirement Age To Change In 2024

In a significant policy shift set to affect countless individuals in Spain, the government is ushering in changes to the country's retirement age starting from 2024.

With each passing year, retirement appears to be slipping further and further into the distance. For individuals who have worked in Spain, dutifully contributing to their 'Seguridad Social' (Social Security) public pension fund, there is news of an impending shift in retirement age over the upcoming four-year span. The Spanish government has officially ordained that commencing in 2024, the retirement age will undergo a gradual increment until the year 2027.

So, what precisely will be the retirement age in Spain as of 2024? Well, effective January 1, 2024, those employed in Spain, having made Social Security contributions for more than 37 years and 9 months, will be eligible to retire when they reach the age of 66 years and 6 months. This signifies an additional two months compared to the minimum age required in 2023. For individuals aged 65 and above, who have diligently paid into Social Security for more than 38 years, access to standard retirement with a full 100 percent pension is granted.

Alternatively, there exists the option of voluntary early retirement, which can be initiated up to two years before the legally stipulated retirement age, specifically at the age of 64 years and 6 months. It's worth noting, however, that this choice does come with certain drawbacks, the most conspicuous being that the pension received will not be the full amount, but rather a proportion dependent on the degree of early retirement and the duration of Social Security contributions.

As the years roll on, in 2025, 2026, and 2027, the retirement age will continue its ascent, culminating at the age of 67 by 2027. Meanwhile, for those individuals holding a UK state pension but facing gaps in their National Insurance contributions—possibly due to residing abroad—the British government has implemented an extension allowing them to fill these gaps and secure a complete UK pension.

Sources

https://spanishnewstoday.com/retirement_age_in_spain_is_increasing_this_will_be_the_new_spanish_retirement_age_in_2024_2248033-a.html