From January 1, 2025, the voluntary early retirement age in Spain will rise again. Thus, the maximum advance in the retirement age will be 64 years and 8 months or 63 years for those who have 38 years and six months of Social Security contributions. In this way, both the years of contributions and the months of advance and the increase in age will affect the calculation method to calculate the retirement pension.
The retirement age rises, because this is reflected in Law 27/2011, approved in 2011 and implemented in 2013. Before this reform, it was possible to access early retirement at age 61 if the worker was in a situation of involuntary termination, such as collective dismissals or business restructuring, as long as they have contributed for at least 30 years. This system was more flexible, although it already applied reducing coefficients based on the years remaining to reach the ordinary retirement age.
But with the progressive aging of the population, the increase in life expectancy and the additional pressure of the baby boom generation (born between 1957 and 1977), the conditions for early retirement had to change and that is why this first reform was born. of pensions. Law 27/2011 raised the minimum age for early retirement and adjusted the requirements, establishing that this option should be aligned with the gradual increase in the ordinary retirement age.
In this way, just as increases the ordinary retirement age that will reach 67 years in 2027but with the possibility of retiring at age 65 having 38 years and 6 months of contributions, this will directly affect workers who want to retire early.
| 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 advances of up to 24 months (2 years) with respect to the ordinary age. So, knowing that this will be 66 years and 8 months or 65 years, in the case of having 38 years and 3 months of contributions, the maximum age to retire early will be 64 years and 8 months, or 63 years if you have at least 38 years and 3 months of contributions.
| 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 |
This will be the age as long as the minimum requirements are met. Thus, to access voluntary early retirement you will be required to have at least 35 years of contributions, of which at least two must be in the last 15 years before the causative event and be in a status of registration or assimilated registration. Furthermore, and very important, it is that the resulting pension is higher than the minimum pension based on your family situation upon reaching age 65.
On the other hand, in the case of those who want to retire early involuntarily, they will be able to do so and the age will be 62 years and 8 months, or 61 years if the same minimum contribution requirements are met.
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 of 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 of 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 will apply some reducing coefficients that will range from 2.81% to 21% of the final amount (that is, after applying the Social Security calculation method), depending on the years of contributions and the time in advance of retirement. These apply to each monthly payment and extraordinary payment and would be as follows for 2025:
- 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% |