Spanish retirement age will change in 2025
Retirees in Spain may have to wait longer to draw their pension if they don’t meet certain requirements
There are lots of significant changes coming to Spanish pensions in 2025. Many are positive and will see a few more euros in the bank accounts of OAPs next year, but one of the biggest differences relates to the retirement pension - the monthly payment that the Social Security system provides to eligible individuals who have worked and contributed to the system over the years.
Starting in 2025, the retirement age in Spain will be adjusted, and it's not just a simple matter of adding a few months. The new rules are more complex, and the age at which you can retire with a full pension will depend on your years of contributions.
Currently, if you've contributed for less than 38 years, you can retire at 66 years and six months. However, if you've contributed for more than 38 years, you can retire at 65.
But here's the catch: in 2025, you'll need to have contributed for at least 38 years and three months to retire at 65. If not, you'll have to wait until you're 66 years and eight months old to receive pension payments.
The government has introduced a table that outlines the new requirements for retirement, with the minimum number of years of contributions increasing gradually until 2027. You can check the details on the Social Security website (Seguridad Social), but essentially, the more you've contributed, the earlier you can retire.
The table is designed to encourage people to work longer and contribute more to the system.
The good news: a 2.8% boost in pension payments
Thankfully, it’s not all bad news as pension payouts will actually increase in 2025, thanks to a revaluation linked to the Consumer Price Index (CPI).
According to preliminary data, pensions are expected to rise by 2.8% in 2025, which translates to an extra 564 euros per year for the average retirement pension. This is great news for retirees who have been feeling the pinch of inflation.
If you're approaching retirement or already retired, it's essential to understand these changes and how they'll affect you. Make sure to check the Social Security website for the latest information and consult with a financial advisor if you're unsure about your pension plan.
In other news: Spain embraces money-back system to tackle plastic pollution
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