Retirement age in Spain is 66 years old from January
The retirement age in Spain, for those who do not have the required minimum contribution, will be 66 years old from January 2021, which is two months more than currently. This is the increase that was approved in the pension reform in 2013 and which again causes a new delay in retirement to qualify for 100% of the total pension.
The legislation progressively delays the retirement age until 67 years old in 2027, meaning that those who want to retire over the next year with 100% of the pension that may correspond to them must already be 66 years old.
According to the Ministry of Finance, delaying the retirement age is one of the measures with which they want to clean up the pension system, which has a debt that exceeds 20 billion euros.
THE DELAY HAS ITS EXCEPTIONS:
This does not mean that everyone has to wait to these ages, workers who accumulate a long working life may retire with their full pension at age 65, as long as they have contributed 37 years and six months or more.
For each year that period is increased by three months until 2027, when whoever wishes to retire at 65 must have a contribution of at least 38 years and six months.
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In 2021, the years that are taken into account to calculate the pension will also change, which that year will be set at 24 years. Since 2013, a transitional period was opened until January 1st 2022, in which the contribution period required to calculate the pension will progressively go from age 15 to age 25. Each year, starting from 2013, one year is added until completing the aforementioned 25 years in 2022.