Retirement Age
In 2026, the gradual increase in the retirement age continues:
- If you have 38 years and 3 months or more of contributions, you will be able to retire at 65 years old.
- If your contribution period is shorter, the standard retirement age will be 66 years and 10 months.
This is part of the pension reform scheduled to be completed between 2027 and 2028, ultimately setting the general retirement age at 67 years for those without a long contribution record.
How Pensions Are Calculated
Starting from January 1, 2026, a new pension calculation formula comes into force: the best 302 contribution months out of the last 304 months prior to retirement will be considered; the result is then divided using an established calculation coefficient. This model gradually replaces the previous system based on the last 25 years of contributions, with full implementation expected by 2037.
Pension Increase in 2026
Pension indexation is now linked to inflation. Therefore, in 2026 pension payments are expected to increase by approximately 2.7%, helping preserve retirees’ purchasing power.
Eligibility Requirements
The minimum contribution period required to qualify for a pension is 15 years within the Spanish Social Security system, including at least 2 years within the last 15 years. To receive a full pension, both the required retirement age and sufficient contribution history must be met.
How This Affects You
Advantages: Pensions are indexed to inflation, ensuring payment growth. The new calculation method considers the best earning years.
Important to Know: The retirement age will continue to increase gradually. Insufficient contribution history may require working longer to receive full benefits.
