The statutory retirement age is currently 66 years and 4 months, provided the contribution is justified at less than 37 years and 9 months. If it were exactly these years or more, those who wish could even retire at 65.
However, from 2027, the ordinary retirement will be increased to age 67 for those who have contributed for less than 38 years and 6 months, and to age 65 if this period is longer.
Retirement age in 2024
Therefore, the age in 2024 will increase by two months compared to this year (2023). This means that the statutory retirement age is 66 years and 6 months if fewer than 38 contributions are taken into account, and remains at 65 years if these years and more are taken into account.
The minimum age for access to early retirement
Voluntary advance
It is important to know that early retirement, if voluntary, can be requested up to 24 months (2 years) before the regular statutory pension.
To access it you must be at least 64 years old and 6 months old if you have deposited under 38 years old. If you reach or exceed these years, you can access it from age 63.
Forced or involuntary advance
In the event of a compulsory retirement, early retirement can be applied for up to 48 months (4 years) before the normal statutory retirement date.
To access it you must be at least 62 years and 6 months old if you have contributed and if you are a volunteer you must be less than 38 years old. If you reach or exceed these years, you can access it from the age of 61.
Delayed retirement: How much can be achieved by delaying the normal retirement age?
In the event of retirement at an age above the legal minimum age and the required minimum contribution has been exceeded, the applicant may be awarded a financial allowance for each full year of late contributions. The interested party can choose between three types indicated by BBVA:
- An additional pension of 4% for each full year of delay and contribution compared to the standard age.
- A one-off lump sum for each year of delay, depending on the amount of recognized pension and the length of your contributing career (reward for people over 44.5 years old).
- A mixed incentive that combines both previous options.
If the applicant does not choose any of the options, an additional financial supplement of 4% will be granted.
Partial retirement
With discharge agreement
Access occurs when the employee reaches the statutory minimum age for a partial pension. It is absolutely necessary that you agree with the employer on a legally required reduction in working hours and conclude a part-time contract. The employee thus receives the pension, which replaces the loss of income caused by the reduction in working hours.
The worker must be replaced by another, a replacement worker, an unemployed person or another employee of the same company with a fixed-term contract, thereby extending the working day.
- Minimum age in 2024: 64 years with 33 or more contributions; or 62 if these are equal or greater
- Minimum age from 2027: 63 years with 36 years and 6 months of contributions; or 65 if the contribution period is between 33 years and 36 and 6 months.
Without replacement contract
Once the employee has reached normal retirement age, he or she enters into a part-time contract with the employer without the need to be represented by another employee.
- Minimum age in 2024: 66 and 6 months if you have fewer than 38 years of contributions; or 65 if these are equal or greater
