The INSS advises of the age at which you should retire according to your year of birth

One of the most controversial aspects regarding today is the Spanish contributory system. While other countries have measures that guarantee early retirement for their workers, Spain tops the list of European countries with higher retirement ages.

And in case of wanting to take early and voluntary retirement, the worker must face a series of consequences such as reduction coefficients. Reductions that significantly affect the amount of the pension received.

  1. The variations to which retirements are exposed
  2. How does our date of birth affect retirement?
    1. The future of retirements in Spain

The variations to which retirements are exposed

The constant change in which the Spanish contributory system is immersed is undeniable, since every year the retirement age can be affected by various factors, which is reflected in the information provided by the National Institute of National Insurance (INSS).

However, already in 2013 a fixed age was established for access to retirement: 67 years from 2027. Of course, this age is for those future retirees who have contributed less than 38 years and 6 months . If you have contributed this time, or more, you will be able to access retirement at 65.

Photo of some fifty euro bills coming out of a cashier.

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To reach the figure imposed by 2027, a gradual exercise is expected to increase the number of measures. Therefore, an increase is expected within the listed periods and the legal age in each financial year. In this way, the minimum time quoted will be increased by 3 months while the legal age by 2 months each year.

We see an example in the 2022 financial year, in which the period of years contributed is 37 years and 6 months or more contributed, to access the pension at 65. Otherwise, accumulate fewer years worked, you can access the pension from the age of 66 years and 2 months. As a result of the increase, in 2023, the period of years contributed to access the pension at the age of 65 is 37 years and 9 months.

However, it is vitally important to know that to access this type of benefit, the worker must have contributed the maximum amount of time. If you are unable to do so, you must have been registered for at least 15 years. In addition, two must be prior to the application for retirement.

How does our date of birth affect retirement?

Always depending on the year in which you were born and taking into account the time contributed, a fixed date can be established to know when you can retire receiving 100% of the pension.

If you were born in 1956, you can retire this year after completing a work activity that includes 37 years and 6 months of contributions. However, as the figure goes 'in crescendo', those born from 1957 to 1960 will have to take into account the increase in the periods quoted and the required age.

According to established calculations, those born in 1980 will be able to retire in 2047. Those born in the 1990s will have to wait until 2057 and those born in 2000 until 2067.



The future of retirements in Spain

Despite the information given, it should be noted that it is not definitive. Although various amounts have been established, retirements are not exempt from future variations.

As the minister assured National InsuranceJosé Luis Escrivá, the Government is working on an increase in the maximum contributions. In this way, the maximum pension would be progressively raised while the cap on the contribution base at the top is removed.

Likewise, they plan to increase the period of years to calculate them pensions new In the words of the Government, its objective is "to adapt the calculation period for the calculation of the regulatory base of the retirement pension to the current reality of professional careers". With this measure we aim to be "fairer" with professional careers that differ from traditional ones.

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