The legal retirement age rises to 66 years and 4 months from today

Retirees in the senior center. / R. C.

At the end of 2022, early withdrawals increased in order to take advantage of the 8.5% rise in pensions for this year

Amparo Road

The legal age to retire as of this Sunday, January 1, is 66 years and four months to be able to receive 100% of the benefit if they are under 37 years and nine months of contributions, according to the reform approved in 2013, which progressively raises the retirement age over 15 years from 65 to 67 years. If they exceed 37 years and nine months of contributions, workers who want to retire with 100% of the pension will have to be 65 years old. In any case, they must have contributed for at least 15 years to be able to access the contributory benefit and two of those years must be among the 15 immediately prior to retirement.

In the last months of 2022 there has been an increase in early retirement among those workers who had a short time to reach the legal retirement age in order to take advantage of the 8.5% increase approved for this year to pensions. The reduction that retiring before a few months of reaching the legal age could mean was more than offset by the increase of 8.5%.

With this rise, the maximum benefit rises to 3,058 euros, 239 euros more than before. In turn, the minimum contributory pensions have risen between 18 and 113 euros per month, so they are between 743 and 966 euros for those aged 65 or over and between 638 and 905 euros for those under 65. years.

The average retirement pension becomes 1,367 euros per month, 107 euros more, while the average widow's benefit rises 66 euros per month. For an average widow's pension, the increase will be 66 euros.

The Social Security system is facing record spending figures this year that will stress its sustainability. The sharp rise of 8.5% in benefits is joined by the beginning of the incorporation into retirement of the 'baby boom' generation, the largest in history to reach the pension system. The planned annual expenditure of Social Security exceeds 190,000 million euros, 40% of the General State Budget.

PARTIAL RETIREMENT

In the event that workers want to access partial retirement without the company making a relief contract, the minimum access age will be the ordinary retirement age that is applicable in each case.

If the company makes a relief contract to cover the work time that the person who partially retires stops working, the minimum access age for partial retirement will be from January 1, 2023 of 62 years and four months if They have contributed for at least 35 years and nine months, or 63 years and eight months if they have contributed for 33 years.