Overview

• Spain’s Social Security now applies monthly reduction coefficients of between 2.81% and 21% for early retirement based on how far in advance pensions begin and total years contributed.
• Applicants for early retirement must secure a resulting pension above the standard minimum pension at age 65 to be eligible.
• The ordinary retirement age is set at 65 for workers with at least 38 years and 3 months of contributions, or 66 years and 8 months for those with shorter contribution records, and will rise to 67 in 2027 for insufficiently tenured workers.
• Career civil servants, military personnel and other beneficiaries under the Régimen de Clases Pasivas with 35 years of service can retire at 60 with full benefits, while those with irreversible illnesses or permanent disabilities also qualify for early full pensions.
• Average monthly pensions have climbed to €1,311.4 and May pension payments reached €13.532 billion, marking a 6.3% year-on-year increase as the government seeks to negotiate new self-employed contribution rates for 2026.