Older workers belonging to the baby boom generation (those born between 1957 and 1977 and who make up the largest generation in Spain, with around 14 million people, according to INE data) will start to retire from 1 January 2023, putting pressure on the Social Security system, which will not only have to pay many more and higher pensions, but will also have to revalue the pensions it already pays out in line with the CPI.
Specifically, the legal retirement age will be set at 65 in 2023 for those who have contributed 37 years and 9 months and at 66 years and 4 months for those who have not worked for such a long time.
This means that those born in 1957, who will turn 66 next year, will be able to retire if they have completed the contribution period and, if not, if they celebrate their birthday before September.
Specifically, the legal retirement age will be set at 65 in 2023 for those who have contributed 37 years and 9 months and at 66 years and 4 months for those who have not had such a long working life. This means that those born in 1957, who will turn 66 next year, will be able to retire if they have completed this period of contributions and, if they do not, if they celebrate their birthday before September. Those born in 1958, who will turn 65, will also be able to retire if they have reached that contribution period.
This is the official start of the dreaded retirement of Spain’s largest generation. Dreaded, because in the absence of measures to guarantee extraordinary income (such as those being considered in the pension reform, which will fall almost entirely on companies, or transfers from the State Budget), the expenditure linked to the baby boom would be the coup de grâce for Social Security accounts that are carrying a high deficit and indebtedness to the State. And, officially, because in practice there will already have been members of this group who have retired.
From elmundo.es
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