Access early retirement between ages 61 and 63

We will explain the options for early retirement at these ages and the consequences this will have on your pension

The most recent reforms to the pension system from 2011 and 2013 have initiated a gradual delay of the retirement age which will end at age 67 in 2027. At the same time, conditions for voluntary early retirement have become more stringent: it went from 61 years in the previous regulation, to 63 years and eight months in 2019.

The 2013 regulation that reformed the Spanish pension system made conditions for accessing early retirement more stringent. Currently, it is necessary to prove a minimum of 35 years of contributions in one's career to access voluntary early retirement. For forced early retirement, proof of a minimum of 33 years of contributions is required (before it was 30 years).

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Additionally, early retirement is not possible more than two years prior to the legal retirement age. Since 2011, the retirement age has been delayed by two months each year, reaching age 67 in 2027. Thus, in 2019 the legal retirement age is 65 years and 8 months. This means that the legal age for voluntary early retirement is 63 years and eight months.

In the case of forced early retirement resulting from a dismissal, you must be no more than 4 years away from the legal retirement age. In 2019, then, forced early retirement is possible once you reach 61 years and 8 months of age.

In the event of forced early retirement, the employee must have been registered with the employment offices for 6 months prior to the request. The termination must have taken place as a result of the business closing or a crisis situation which prevented the employee from continuing his or her working relationship.
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The pension drawn following a voluntary early retirement is lower

It is important to bear in mind that the earlier a worker retires, the lower the pension received. So, for each year that retirement is advanced voluntarily, your pension will be reduced by a corrective coefficient based on the number of years of contributions:

  • The pension will be reduced 8% (2% per quarter) for each year in advance with up to 38 years and six months of contributions.
  • 7.5% per year (1.875% per quarter) for those who have made contributions between 38 years and six months and 41 years and six months.
  • 7% per year (1.75% per quarter) if you have 41 years and six and months to 44 years and six months of contributions.
  • And a 6.5% cut for each year in advance (1.625% per quarter) for those who have contributed more than 44 years and six months.

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