From the January 1, 2025, the voluntary early retirement age in Spain It will be 64 years and 8 months or 63 years for those workers who have been contributing to Social Security for 38 years and three months. In this way, both the years of contributions and the months of advance and the increase in age will affect the current calculation method for calculating the retirement pension.
The retirement age rises, because this is reflected in Law 27/2011, implemented in 2013. Before this reform, workers They could access early retirement at age 61 in cases of involuntary termination, such as collective dismissals or business restructuring, as long as they have contributed for at least 30 years. This system offered greater flexibility, although it already contemplated reducing coefficients depending on the years remaining to reach the ordinary retirement age.
But, with the aging of the population, the increase in life expectancy and the pressure generated by the baby boom generation (born between 1957 and 1977) they promoted the first major pension reform. The Law 27/2011 raised the minimum age to access early retirement and toughened the requirementsadapting this modality to the gradual increase in the ordinary retirement age.
In this way, just like the ordinary retirement age that will reach 67 years in 2027although it will be possible to access it at 65 years of age with 38 years and 6 months of contributions, the conditions for early retirement will also be affected, directly impacting workers who wish to opt for this modality.
| Year | Quoted periods | Retirement age |
|---|---|---|
| 2025 | 38 years and 3 months or more | 63 years |
| Less than 38 years and 3 months | 64 years and 8 months | |
| 2026 | 38 years and 3 months or more | 63 years |
| Less than 38 years and 3 months | 64 years and 10 months | |
| From 2027 | 38 years and 6 months or more | 63 years |
| Less than 38 years and 6 months | 65 years |
Increase in the early retirement age in 2025
Voluntary early retirement allows you to advance the ordinary retirement age by up to 24 months (2 years). Thus, given that this will be 66 years and 8 months or 65 years for those who prove at least 38 years and 3 months of quotation, the minimum age to retire early will be 64 years and 8 months, or 63 years if the aforementioned contribution requirement is met.
| Year | Quoted periods | Retirement age |
|---|---|---|
| 2025 | 38 years and 3 months or more | 63 years |
| Less than 38 years and 3 months | 64 years and 8 months | |
| 2026 | 38 years and 3 months or more | 63 years |
| Less than 38 years and 3 months | 64 years and 10 months | |
| From 2027 | 38 years and 6 months or more | 63 years |
| Less than 38 years and 6 months | 65 years |
The minimum age to access voluntary early retirement will be applicable as long as the established requirements are met. Among them, it is required to have at least 35 years of contributionsof which at least two must be included in the last 15 years prior to the causative event, and be in a situation of discharge or assimilated discharge. Furthermore, the resulting pension must be higher than the minimum pension that corresponds to the family situation upon reaching age 65.
In the case of the early retirement due to involuntary terminationworkers will be able to retire at 62 years and 8 monthsor at age 61 if they meet the same minimum contribution requirements.
Table with early retirement age based on age of birth
If we want to know at what age we can opt for voluntary early retirement according to our year of birth, it is possible to calculate it taking into account both the year in which we were born and the years and months that we will have contributed. The following table details the Minimum early retirement age based on year of birth and contribution periods.
| Year of birth | Early retirement at age 63 | Early retirement (with less than 38 years and 6 months of contributions) |
|---|---|---|
| 1959 | 2022 (37 years and 6 months or more) | 2024 (64 years and 6 months) |
| 1960 | 2023 (37 years and 9 months or more) | 2025 (64 years and 8 months) |
| 1961 | 2024 (at 38 years old) | 2026 (64 years and 10 months) |
| 1962 | 2025 (38 years and 3 months or more) | 2027 (65 years) |
| 1963 | 2026 (38 years and 6 months or more) | 2028 (65 years old) |
| 1964 | 2027 (with 38 years and 6 months or more of contributions) | 2029 (65 years) |
| 1965 | 2028 (with 38 years and 6 months or more contributions) | 2030 (65 years) |
| 1966 | 2029 (with 38 years and 6 months or more contributions) | 2031 (65 years) |
| 1967 | 2030 (with 38 years and 6 months or more of contributions) | 2032 (65 years) |
| 1968 | 2031 (with 38 years and 6 months or more of contributions) | 2033 (65 years) |
| 1969 | 2032 (with 38 years and 6 months or more of contributions) | 2034 (65 years) |
| 1970 | 2033 (with 38 years and 6 months or more contributions) | 2035 (65 years) |
In this way, people born between 1959 and 1960 will be able to benefit from early retirement more immediately, while those born between 1961 and 1965 will be able to access it progressively depending on their accumulated contributions.
To accurately calculate the age at which it will be possible to retire early, the Social Security website has a self-calculation program that also allows you to estimate the amount of the pension.
Table of penalties for retiring early
In voluntary early retirement, Social Security applies reducing coefficients that vary between 2.81% and 21% on the final amount (that is, after applying the calculation method), depending on the years contributed and the advance time. These coefficients are applied to each monthly payment and extraordinary payment, and for 2025 they would look like this:
- Less than 38 years and six months of contributions: 21% reduction if retirement is brought forward two years, and 3.26% if it is only one month earlier.
- Between 38 and 41 years and six months of contributions: 19% reduction two years in advance, 3.11% if one month before.
- Between 41 and 44 years and six months of contributions: 17% reduction two years in advance, 2.86% if one month in advance.
- More than 44 years and six months of contributions: 13% reduction if they withdraw two years before, and 2.81% if it is one month before.
If you want to check how much they would remove based on the months advanced and quoted age, you can do so in the following table:
| Retirement months early | Less than 38 years and 6 months | Less than 41 years and 6 months | Less than 44 years and 6 months | 44 years and 6 months or more |
|---|---|---|---|---|
| 24 | 21% | 19% | 17% | 13% |
| 23 | 17.60% | 16.50% | 15% | 12% |
| 22 | 14.65% | 14% | 13.33% | 11% |
| 21 | 12.57% | 12% | 11.43% | 10% |
| 20 | 11% | 10.50% | 10% | 9.20% |
| 19 | 9.78% | 9.33% | 8.89% | 8.40% |
| 18 | 8.80% | 8.40% | 8% | 7.60% |
| 17 | 8% | 7.64% | 7.27% | 6.91% |
| 16 | 7.33% | 7% | 6.67% | 6.33% |
| 15 | 6.77% | 6.46% | 6.15% | 5.85% |
| 14 | 6.29% | 6% | 5.71% | 5.43% |
| 13 | 5.87% | 5.60% | 5.33% | 5.07% |
| 12 | 5.50% | 5.25% | 5% | 4.75% |
| 11 | 5.18% | 4.94% | 4.71% | 4.47% |
| 10 | 4.89% | 4.67% | 4.44% | 4.22% |
| 9 | 4.63% | 4.42% | 4.21% | 4% |
| 8 | 4.40% | 4.20% | 4% | 3.80% |
| 7 | 4.19% | 4% | 3.81% | 3.62% |
| 6 | 4% | 3.82% | 3.64% | 3.45% |
| 5 | 3.83% | 3.65% | 3.48% | 3.30% |
| 4 | 3.67% | 3.50% | 3.33% | 3.17% |
| 3 | 3.52% | 3.36% | 3.20% | 3.04% |
| 2 | 3.38% | 3.23% | 3.08% | 2.92% |
| 1 | 3.26% | 3.11% | 2.96% | 2.81% |