Overview

• Ministry data show the average effective retirement age for salaried workers reached 65.15 years in July 2025, the first time it has surpassed 65.
• Social Security’s July payroll rose to €13,620.9 million to cover 10.37 million pensions, with an average monthly pension of €1,311 gross.
• Recent changes that reward delayed exit and penalize early retirement are shifting behavior, with delayed retirements now 11.4% of new entries and early retirements down to 27.6%.
• Inclusive minister Elma Saiz is negotiating with employers and unions on changes to flexible and reversible retirement that would expand options to combine part-time work with a pension.
• Economist Gonzalo Bernardos warned of a possible deficit near €65 billion and described one new retiree every seven minutes, proposing higher contributions, later retirement, or lower benefits as remedies.