Spain retirement trends: Delayed retirements projected to triple

Projections indicate a significant rise in delayed retirements in Spain, with the number of workers voluntarily postponing retirement expected to triple from the current 10-11% to approximately 30% in the coming decades. An analysis by the Foundation for Applied Economics Studies (Fedea) suggests this trend is primarily driven by increased life expectancy rather than government incentives or bonuses.

Starting in 2027, new regulations will impact self-employed workers (RETA), requiring more years of contributions to access 100% of their pension base. Additionally, to access an ordinary pension at age 65, workers will need to demonstrate 38 years and six months of contributions; otherwise, they may need to wait until age 67 to avoid penalties. These changes coincide with rising social security expenditures, which recently reached over 14.4 billion euros.