Spain delayed retirement projected to triple due to longevity

A study by the Foundation for Applied Economics Studies (Fedea) predicts that delayed retirement in Spain will triple in the coming decades. Currently, approximately 10% to 11.6% of retirees choose to delay their retirement, but this figure is projected to reach roughly 30% in the future.

The report, authored by Fedea director Ángel de la Fuente, identifies increased life expectancy as the primary driver of this trend rather than the incentives provided by the 2021-2023 pension reform. According to Eurostat demographic projections, longer lifespans require workers to accumulate more savings to support a more extended retirement period, which in turn encourages delaying the end of professional life.

Fedea notes that even without changes to the current incentive regime, the percentage of delayed retirements would still rise to 30%. The study characterizes the recent pension reform's incentives as an “incremental improvement” rather than a radical shift, suggesting their direct impact on retirement timing has been limited compared to the weight of demographic shifts.