The Spanish government has revealed that starting in 2024, the retirement age in Spain will incrementally rise, with full implementation expected by 2027.
Retirement can be a perplexing prospect for many as the official retirement age seems to continually recede into the distance, elongating the process.
For those who have been working in Spain and contributing to the 'Seguridad Social' Social Security public pension fund, the retirement age will extend over a four-year span, commencing on January 1, 2024, and culminating in 2027.
Starting from January 1, 2024, individuals who have been employed in Spain and have paid their Social Security contributions for a minimum of 37 years and nine months will be eligible for official retirement at the age of 66 years and six months.
In simpler terms, the minimum retirement age will increase by an additional two months starting next year compared to the age in 2023.
Retirement Age to Rise in Spain Individuals aged 65 and above who have made Social Security contributions for over 38 years will be entitled to regular retirement benefits, including 100% of their pension, in accordance with the new regulations.
There is an alternative option for residents of Spain, namely voluntary early retirement. This can be availed by individuals up to two years before reaching their official retirement age, starting at the age of 64 years and six months.
Early retirement may seem enticing, offering a way for people to enjoy their later years in comfort and relaxation. However, it does come with certain drawbacks, the primary one being that individuals will not receive their full pension entitlement.
67 to Become the New Legal Retirement Age Instead, early retirees will receive a reduced lump sum, dependent on how early the decision is made and the duration of their contributions to Social Security.
As mentioned earlier, retirement age is set to incrementally increase, with the legal retirement age reaching 67 by 2027. This may be disheartening news for those eyeing retirement within the next four years. Photo by jaocampoz, Wikimedia commons.