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In Spain, the public pension system is so dynamic and flexible that it allows workers who wish to advance their ordinary age to retire early. As it is a voluntary decision, Social Security applies coefficients in the form of a percentage on the amount. With this measure, the Government seeks to reward delayed retirements, that is, those that occur beyond the ordinary age, due to the increase in life expectancy.
Advancing the age means that the retirement pension will be enjoyed for more years, which causes the Social Security “piggy bank” to become increasingly stressed, since the more pensioners and the longer their duration, the expense increases. For this reason, Social Security applies coefficients that range from 2.81% to 21%.
It’s official: Social Security rules out eliminating the penalty for those who retire early with 40 years of contributions because it would cost them 3,358 million euros
Social Security officials agree: “If your spouse does not work or receive a pension, you may be denied voluntary early retirement”
In 2026, the retirement age depends on the total years of contributions:
- Workers aged 38 years and 3 months will be able to retire at age 65.
- Workers under 38 years and 3 months must wait until they are 66 years and 10 months.
It must be taken into account that, even if the worker complies with all the necessary contributions, Social Security will always apply cuts if retirement is anticipated. The percentage will depend on the total years of contributions and the months advanced; That is, the more years of contributions and fewer months, the percentage will be lower.
Thus, if a worker with more than 41 and a half years of contributions decides to advance his retirement by 23 months, a 15% cut will be applied to the amount of the pension. This penalty drops to 12% in the case of being over 44 years and 6 months. In the case of advancing the maximum of 24 months (2 years), the cut will be 21% if contributions have been made for less than 38 years and 6 months.
Eliminate coefficients for long trading periods
There are many associations like Asjubi40 that have asked the Government (in fact, they have presented a Non-Law Proposal) to eliminate these reducing coefficients, considering them “a lifelong punishment.”
Antonio Matinero, president of the association, already explained to NoticiasTrabajo that what they are asking is to eliminate the coefficients for long contribution careers, that is, those who have contributed for more than 40 years.
However, the Government has already said that its proposal is unviable, since eliminating them would cost the State coffers some 3,358 million euros. Broken down, this would mean that of the total 1,345 million would be to eliminate the coefficients on voluntary early retirements and 2,013 million in the case of involuntary early retirements.