Retirement age has risen to 66 years and 4 months old from January 1st

The legal retirement age has gone up as of January 1^st to 66 years and four months old, to be eligible to receive 100% benefits if you have contributed for less than 37 years and nine months into the system, which is part of the reform approved in 2013, which is progressively raising the retirement age from 65 to 67 years old over a15 year period.

If you exceed 37 years and nine months of contributions, workers who want to retire with 100% of the pension will have to be a minimum of 65 years old, and anyone who wants to get a state pension must have contributed for at least 15 years and two of those years must be among the 15 immediately prior to retirement.

In the last few months of 2022 there has been an increase in early retirement among those workers who had a short time to reach the legal retirement age in order to take advantage of the 8.5% increase in pensions approved for this year. The penalty for early retirement was much less than this 8.5%, making people’s minds up for them.

With this rise, the maximum pension rises to 3,058 euros a month, which is 239 euros a month more than before. In turn, the minimum contributory pensions have risen between 18 and 113 euros per month, so they are between 743 and 966 euros for those aged 65 or over, and between 638 and 905 euros for those under 65 years old.

The average retirement pension is now 1,367 euros per month, 107 euros more, while the average widow's benefit rises 66 euros per month.

The Social Security system is facing record spending figures this year that will put stress on its sustainability. The sharp rise of 8.5% in benefits is joined by the beginning of the incorporation into retirement of the 'baby boom' generation, the largest in history to reach the pension age. The planned annual expenditure of Social Security exceeds 190 billion euros in 2023, which is 40% of the General State Budget.

PARTIAL RETIREMENT:
In the event that workers want to access partial retirement, without the company making a relief contract, the minimum access age will be the ordinary retirement age that is applicable in each case.

If the company makes a relief contract to cover the work time that the person who partially retires stops working for, the minimum access age for partial retirement will be 62 years and four months old from today, as long as they have contributed for at least 35 years and nine months, or 63 years and eight months if they have only contributed for 33 years.