The real retirement age climbs to 65.1 years in 2023 and delayed retirements skyrocket by 50%

MADRID, 9 Feb.

The real retirement age climbs to 65.1 years in 2023 and delayed retirements skyrocket by 50%


The average effective retirement age in Spain in 2023 exceeded 65 years for the first time at the end of the year, standing at 65.1 years, compared to 64.8 years in 2022 or 64.7 years in 2021, according to data contributed by the Secretary of State for Social Security, Borja Suárez, on his social networks.

By retirement modalities, Social Security data reflect an effective average age of 63.2 years for early retirements, compared to 63 years in 2022 or 62.3 years in 2018.

For retirements with the ordinary age, the actual retirement age, in average values, was 66 years, the maximum in the series. In 2022, this was 65.9 years and in 2018, 65.7 years.

In the case of women, the effective retirement age stood at an average of 65.5 years in 2023, above 65.3 years in 2022. Women already reached an actual retirement age of 65 in 2019. years and have been increasing it progressively until reaching 65.5 years in 2023.

For men, the average effective retirement age is lower than for women. In 2023, that of men was 64.7 years, above the 64.5 years of 2022, but without yet reaching that level of 65 years on average.

In the report on pension spending projections published by the Ministry of Inclusion, Social Security and Migration to comply with the Recovery Plan, the Government estimates that the average retirement age will rise by 1.6 years in 2050, until it is around 65.5 years, as a consequence of the incentives included in the pension reform to encourage delaying retirement and the elimination of forced retirement clauses from collective agreements.

The total number of people who accessed retirement last year was 326,949, a figure lower than that of 2022 (327,872 retirements) and also that of 2018 (328,159).

Of the total retirement registrations in 2023, Social Security counted 112,032 early retirements, 8.3% less than in 2022 and 21.1% below the figure for 2018, when they exceeded 142,000.

The rest of the registrations registered last year, that is, 214,822, were for ordinary retirements, 4.5% more than in 2022. Among them, 221 were partial retirements without a replacement contract, a figure very similar to that of 2022, and 26,487 were delayed retirements, 50% more than in 2022.

As a percentage of the total registrations, delayed retirements practically doubled in 2023, reaching a maximum of 8.1%, compared to 5.4% in 2022, thanks to the new delay incentives included in the pension reform. pensions.

Specifically, this reform included two types of incentives for those who decide to voluntarily delay their retirement beyond the legal age, consisting of an additional 4% percentage on the amount of the corresponding pension or a lump sum amount that is paid in a single payment.

Initially, both types of incentives could not be combined, but since May 18, 2023, they can be combined at the interested party's choice.

For their part, early retirements represented a third of the total registrations last year, specifically 34.3%, when in 2018 they exceeded 43%.

"The measures that have been implemented and the substantial improvement in the labor market contribute to strengthening the public pension system," Suárez highlighted on his social networks.