Social Security will raise the retirement age again in 2027, although it must be said that it will be the last increase, as established by the pension reform regulated under Law 27/2011. In this way, the ordinary retirement age will be 67 years (2 months more than in 2026) with the possibility of continuing to retire at 65 years for those workers who have at least 38 years and six months of contributions throughout their working life.
Both the retirement age and the years of contributions necessary to continue retiring at age 65 are regulated in the seventh transitional provision of the General Social Security Law, which was introduced by Law 27/2021, which was the first pension reform. This was launched in 2013 and, until then, there was only one ordinary age, which was set at 65 years. The reason why this “duality” of the retirement age came into being was because the public pension system was facing increasing pressure due to increased life expectancy and the arrival of the baby boom generation (born between 1957 and 1977).
For this reason, it was decided to establish a transitional period in which two retirement ages would coexist, one that would grow progressively year after year until 2027, when it would be 67 years old, and another, which would allow retirement at 65, but in exchange for demonstrating a long contribution career.
| Year | Quoted periods | Required age |
|---|---|---|
| 2013 | 35 years and 3 months or more. | 65 years. |
| Less than 35 years and 3 months. | 65 years and 1 month. | |
| 2014 | 35 years and 6 months or more. | 65 years. |
| Less than 35 years and 6 months. | 65 years and 2 months. | |
| 2015 | 35 years and 9 months or more. | 65 years. |
| Less than 35 years and 9 months. | 65 years and 3 months. | |
| 2016 | 36 or more years old. | 65 years. |
| Less than 36 years old. | 65 years and 4 months. | |
| 2017 | 36 years and 3 months or more. | 65 years. |
| Less than 36 years and 3 months. | 65 years and 5 months. | |
| 2018 | 36 years and 6 months or more. | 65 years. |
| Less than 36 years and 6 months. | 65 years and 6 months. | |
| 2019 | 36 years and 9 months or more. | 65 years. |
| Less than 36 years and 9 months. | 65 years and 8 months. | |
| 2020 | 37 or more years old. | 65 years. |
| Less than 37 years old. | 65 years and 10 months. | |
| 2021 | 37 years and 3 months or more. | 65 years. |
| Less than 37 years and 3 months. | 66 years old. | |
| 2022 | 37 years and 6 months or more. | 65 years. |
| Less than 37 years and 6 months. | 66 years and 2 months. | |
| 2023 | 37 years and 9 months or more. | 65 years. |
| Less than 37 years and 9 months. | 66 years and 4 months. | |
| 2024 | 38 or more years old. | 65 years. |
| Less than 38 years old. | 66 years and 6 months. | |
| 2025 | 38 years and 3 months or more. | 65 years. |
| Less than 38 years and 3 months. | 66 years and 8 months. | |
| 2026 | 38 years and 3 months or more. | 65 years. |
| Less than 38 years and 3 months. | 66 years and 10 months. | |
| Starting in 2027 | 38 years and 6 months or more. | 65 years. |
| Less than 38 years and 6 months. | 67 years old. |
This increase in age also affects voluntary and involuntary early retirements.
Early retirement age in 2026
Voluntary early retirement, that is, one that is given by the worker’s own will, allows the ordinary age to be advanced by a maximum of 2 years, 24 months, but requires a minimum of 35 years of contributions. In this case, the maximum advanced age will be set at 65 years or 63 years, but knowing that a minimum of 38 years and six months of contributions is necessary (just as is required to retire at 65 years).
| Year | Quoted periods | Retirement age |
|---|---|---|
| 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 |
In the case of involuntary early retirement, which occurs for reasons beyond the control of the worker, it allows a maximum advance of 48 months (4 years), but requires a minimum of 33 years of contributions. In this situation, the maximum advanced age will be set at 63 years or 61 years, but it will be necessary to have 38 years and 6 months of contributions.
| Year | Quoted periods | Retirement age |
|---|---|---|
| 2025 | 38 years and 3 months or more | 61 years |
| Less than 38 years and 3 months | 62 years and 8 months | |
| 2026 | 38 years and 3 months or more | 61 years |
| Less than 38 years and 3 months | 62 years and 10 months | |
| From 2027 | 38 years and 6 months or more | 61 years |
| Less than 38 years and 6 months | 63 years |
Keep in mind that in both modalities Social Security will apply reducing coefficients in the form of a percentage, which will be proportional to the total years of contributions and the months advanced.
Retirement age based on age of birth
With our age of birth and the total number of years of contributions we can determine which year will be in which we can retire. This data can be consulted in the following table:
| Year of birth | Retirement date (with 38 years and six months or more contributions) | Retirement date (with less than 38 years and six 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 |
| 1970 | 2035 | 2037 |
In this way, those born in 1959 and 1960 will be able to retire at the ordinary age, while those born between 1961 and 1964 will have the option of retiring early if they meet the requirements. Furthermore, to know exactly the retirement date and the estimated amount of the pension, the Social Security website makes available a autocalculation program that provides this data in a personalized way.