Spain's retirement age rises to 67 in 2027 as 2011 reform ends
Archived — this story has rotated out of today’s deck. It is kept here in full.
The gist
Spain will require 38 years and 6 months of contributions to retire at 65 from January 1, 2027.
Workers born between 1961 and 1965 are closest to the change.
Background
The change is the final step of Ley 27/2011, a pension reform approved under the socialist government of José Luis Rodríguez Zapatero, Spain's prime minister at the time, to raise the ordinary retirement age and the contribution period needed to avoid reductions. It has been phased in since 2013, first pushing the retirement age back one month per year and, from 2018, two months per year. The reform is designed to adapt the Social Security, Spain's social security administration, to population ageing and guarantee the system's long-term economic sustainability. Elma Saiz, Minister of Inclusion, Social Security and Migration and government spokesperson, is cited in reporting on the 2027 change.
How it unfolded
- 2011The government of José Luis Rodríguez Zapatero approves Ley 27/2011, raising the ordinary retirement age and the contribution period needed to avoid reductions.
- 2013The progressive application calendar of the reform begins.
- 2013 -2018The retirement age is pushed back one month per year; from 2018 the increase becomes two months per year, heading toward 67 in 2027.
- 2025People born in 1960 need 38 years and 3 months of contributions to retire at 65; otherwise their ordinary retirement age is 66 years and 8 months.
- 2026The Social Security requires 38 years and 3 months of contributions to retire at 65; those who do not reach it must wait until 66 years and 10 months.
- Sep 2026The average pension stands at 1,374.6 euros per month, 4.6% more than a year earlier; the average retirement pension is 1,576.1 euros per month, up 4.5% year-on-year.
- Jan 1, 2027The last step of the reform takes effect: 38 years and 6 months of contributions are required to retire at 65, and those who do not reach it must wait until 67.
Key terms
- Social Security
- Spain's principal public system of social protection, guaranteeing support and benefits to citizens in need.
Source: Wikipedia
Who’s saying what
- Official
- The Social Security sets the contribution requirements and confirms that from 2027 retirement at 65 requires 38 years and 6 months of contributions, with everyone else waiting until 67.
- Context
- The reform is framed as a way to adapt the system to population ageing and guarantee its long-term economic sustainability.
Still unverified
The requirements will hold in the long term only as long as no new reforms of the pension system are approved, according to the reporting.