Retirement Calculation: How Will Your Pension Look?

Calculating your retirement pension: standard retirement age

The standard retirement age in Spain is 67. Workers who have completed a full contribution career (38 years and 6 months, previously 35 years) may retire at 65. It is worth calculating your expected pension entitlement to determine which option suits you best.

The increase in the retirement age is being phased in progressively between 2013 and 2027, rising by 1 month per year until 2018, then by 2 months per year from 2019 to 2027.

Josep Conesa. employment lawyer (Barcelona)

Written by Josep Conesa

Employment and insolvency lawyer

Find out more

Some examples of how the increase will be applied:

Year	Retirement age without a full contribution career
2013	65 years and 1 month
2020	65 years and 10 months
2027	66 years and 4 months

The required contribution period for a full career will also increase progressively from 35 years to 38 years and 6 months, between 2013 and 2018, at a rate of 3 months per year:

Year	Contribution period
2013	35 years and 3 months
2016	36 years
2020	37 years
2024	38 years
2025	38 years and 3 months
2026	38 years and 6 months

Early Retirement:

General Rule	Voluntary early retirement from age 63, with a minimum of 33 years of contributions. Annual reduction coefficient per year brought forward relative to standard retirement age: 7.5%. The pension does not generate minimum supplements.
Crisis Situation	Minimum retirement age: 61, with a minimum of 33 years of contributions. Annual reduction coefficient per year brought forward: 7.5%. The reduction coefficient may not be less than 33% nor more than 42% of the regulatory base.

A "crisis situation" refers to retirements resulting from decisions taken in collective dismissal procedures (EREs), or under collective agreements or company-level collective arrangements, and in insolvency proceedings.

Extension of the retirement calculation period:

Previously, the reference period used to calculate retirement pensions was 15 years. Following the reform, this period was extended to 25 years, applied progressively from 2013 to 2022.

If you would like us to carry out a retirement calculation of any kind, please do not hesitate to send us your Social Security contribution record.

Albert laboral