Overview
- Under 2025 rules, the ordinary retirement age is 66 years and 8 months with fewer than 38 years and 3 months contributed, or 65 with at least that record.
- Voluntary early retirement is allowed up to two years before the ordinary age with reduction coefficients tied to months advanced and years paid in, with an example showing a 13% cut for a 24‑month advance with more than 44 years and 6 months contributed.
- A Social Security official highlighted a case in which a worker with 47 years and 6 months of contributions would forgo €90 per month by retiring four months early.
- So‑called shadow contributions can be credited for up to four years for early retirement eligibility and up to three for partial retirement, yet they do not raise the pension percentage, meet minimum lifetime thresholds, or lessen penalties.
- Policy activity includes Real Decreto 402/2025 to recognize arduous jobs for earlier exits without reducing amounts, a Podemos proposal to remove penalties for careers of at least 40 years, and fresh testimony from a retiree with 46 years who incurred an 18% cut after an involuntary early exit where reductions can reach 30%.