In 2027, Spain will complete a large-scale pension system reform that began back in 2013. The main changes will affect the retirement age and employment history requirements. Now, for most workers, the standard retirement age will be 67, and qualifying for a full pension will require a longer employment record than before.
Retirement Age
Starting in 2027, the age at which you can retire will depend directly on the number of years worked and contributed to the social security system. Those who have accumulated at least 38 years and 6 months of contributions will be able to retire at 65. Others will have to wait until 67. This change highlights the importance of a long working career and encourages those who have worked longer.
In 2026, the system will be in a transitional phase: for employees with less than 38 years and 3 months of service, the retirement age will be 66 years and 10 months. But just a year later, the rules will change definitively, and the 67-year limit will become standard for most.
Early and Partial Retirement
The reform affects not only regular retirement but also early retirement options. From 2027, the minimum age for voluntary early retirement will be 63 for those with more than 38 years and 6 months of contributions, and 65 for others. If retirement is involuntary, the minimum age will be 61 with sufficient service history and 63 if the employment record is below the set threshold.
A partial pension with a replacement contract will also become available three years before the standard retirement age, i.e., from the age of 64, and for workers with especially long careers—even from 62. This approach allows for more flexible retirement planning, especially in sectors where ensuring generational continuity is important.
Conditions for receiving 100% of the pension
Starting in 2027, to receive a full pension, at least 37 years of service will be required—more than the current minimum of 36 years and 6 months. If the length of service is only 15 years, the pension amount will be limited to 50% of the calculated base. Thus, the duration of working life becomes the deciding factor for the size of future payments.
The method of calculating the pension will also change: from 2027, benefits will be determined based on the 304 months with the highest contributions out of the last 308 months of work, which is equivalent to 25.6 years. Previously, calculations used 302 months over 25 years and 4 months. This change further ties pension amounts to one’s actual earnings history.
The significance of the reform
The pension reform in Spain is the culmination of a decade-long process of gradually raising the retirement age and tightening service requirements. Now, the connection between the duration of working life, the retirement age, and the size of payments has become as transparent as possible. For many families, these changes mean the need to plan their careers and financial future in advance.
Questions about how life will change after retirement concern not only future pensioners but also those who prefer to stay active in later years. For example, the experience of a family from Madrid, where a father and daughter continue working despite their age, shows that work remains an important part of life for many people — you can read more about this in the article about choosing an active life over a traditional retirement.
As Talent24h notes, these changes will be among the most significant for Spain’s social security system in recent years, cementing a new approach to pension calculation and retirement criteria.
