Workers born between 1960 and 1970 will be able to retire in 2026 and qualify for 100% of the pension as long as they meet certain age and years of contributions requirements. The General Law of Social Security establishes that those who turn 66 years and 10 months or who turn 65 years and have at least 38 years and three months of contributions to Social Security may access a retirement pension by ending their working life.
The seventh transitional provision of the General Social Security Law is the one that establishes the age at which workers can retire based on their years of contributions. Thus, until 2013, all workers could retire at age 65, but with the entry of this rule, two retirement ages were established based on the total number of years worked.
These requirements would grow each year, that is, each year the ordinary retirement age would increase and in the case of wanting to retire at age 65, the required years of contributions would increase.
In this way, by 2027, which is when the rule would end, the ordinary age will be 67 years, unless you have 38 years and six months of contributions, in which case the age will be set at 67 years.
Table with retirement age based on year of birth
Knowing how the Social Security retirement system works, it is possible to determine at what age a worker can retire based on the total years of contributions and age of birth, as shown in the following table:
- 1959: They will be able to retire in 2024 at age 65 if they have contributed for 38 years or more. If they do not reach that contribution time, they must wait until they are 66 years and 6 months.
- 1960: Ordinary retirement will be in 2025 at age 65 if they have contributed for 38 years and 3 months or more. Otherwise, the retirement age is extended to 66 years and 8 months.
- 1961: They will be able to retire in 2026 at age 65 if they have contributed for at least 38 years and 3 months. If they do not reach this contribution, retirement will be at 66 years and 10 months.
- 1962: Ordinary retirement will be in 2027 at age 65 with a minimum of 38 years and 6 months of contributions. If they do not meet this quote, they must wait until they are 67 years old.
- 1963: Retirement in 2028 at age 65 if they have contributed for 38 years and 6 months or more. If they do not reach this figure, they must retire at 67 years of age.
- 1964: They will be able to retire in 2029 at age 65 if they have contributed for at least 38 years and 6 months. If they do not meet these years, the retirement age will be 67 years.
- 1965: Ordinary retirement in 2030 at age 65 if they have contributed for 38 years and 6 months or more. Otherwise, they will retire at age 67.
- 1966: They will be able to retire in 2031 at age 65 if they have been contributing for at least 38 years and 6 months. If they do not reach that figure, retirement will be extended until age 67.
- 1967: The ordinary retirement age will be 65 years in 2032 for those who have contributed 38 years and 6 months or more. If they do not reach this quote, they will have to wait until they are 67 years old.
- 1968: They will be able to retire in 2033 at age 65 if they complete 38 years and 6 months of contributions. Otherwise, the retirement age will be 67 years.
- 1969: Retirement will be in 2034 at age 65 for those who have contributed for 38 years and 6 months or more. Otherwise, they must wait until they are 67 years old.
In the following table you can see how access to retirement would be based on the years of contributions.
| Birth Year | With 38 years and 6 months or more of contributions | Less than 38 years and 6 months of contributions |
|---|---|---|
| 1959 | 2024 | 2026 |
| 1960 | 2025 | 2027 |
| 1961 | 2026 | 2028 |
| 1962 | 2027 | 2029 |
| 1963 | 2028 | 2030 |
| 1964 | 2029 | 2031 |
| 1965 | 2030 | 2032 |
| 1966 | 2031 | 2033 |
| 1967 | 2032 | 2034 |
| 1968 | 2033 | 2035 |
| 1969 | 2034 | 2036 |
Now, the retirement age is not the same as being able to retire collecting 100% of the pension, since they are two different things.
Who can retire in 2026 with 100% of the pension?
To retire in 2026 with 100%, you must have at least 36 years and six months of contributions. This is established by Law 27/2011. In this way, people born between 1960 (depending on the month of birth) will be able to retire next year, since they will reach 66 years and 10 months. On the other hand, those born in 1961 and 1962 will be able to retire at age 65, as long as they have at least 38 years and 3 months of Social Security contributions.
Now, we must not confuse collecting 100% of the pension with the maximum retirement pensionsince they are two different things.