Everything about pensions & retirement in Spain

After years and years of hard work it all comes to this: retirement and pension. You gave everything you had to your career and now it’s time to relax, and what better way to do so than in a country that has 300 days of sun per year? Spain is one of the first choices for European citizens thinking about retirement and looking to get away from their past routine and cloudy cities and finally enjoy the morning breeze of the Mediterranean Sea.

Let's begin the journey of retirement together by learning about pensions, documentation, and other requirements for your retirement in Spain. 

1. Public Pensions in Spain for EU Citizens

If you had the opportunity to work in different EU member countries, you have been collecting pension rights in each and every one of them. In this case in particular, you will need to go to the pension administration office of your current city, or the office of the previous country you lived in, depending on your specific circumstances.

If you have never worked in Spain, this office will send your petition to the last country you worked.

IMPORTANT: You should start the process at least 6 months before you’re planning to retire: like any other bureaucratic paperwork they tend to take a long time to process. But we can assure you that’s going to be worth it; imagine yourself swimming through the Mediterranean Sea in the crystal waters of the Costa Brava.

2. Documentation for Your Pension

Pension Administration Offices in Spain - Website

• Instituto Nacional de Seguridad Social
• Ministerio de Empleo y Seguridad Social

3. The Right Age for Retirement in Spain

You will be eligible to receive your pension if you have the appropriate age in your current home country. But if you’ve worked and accumulated your rights in different countries, you will receive those pensions when you reach the retirement age in those particular countries.

It is important that you have all the information of each and every country you’ve worked before starting your retirement plan. If you start collecting your pension earlier than the other pension from another country, it can affect the amount you will receive.

IMPORTANT: You have to keep in mind that the retirement age is different in each and every single country that is member of the European Union. You have gather all the info pertaining to your country before starting the process.

4. Calculating Your Pension

The pension administration office of each and every country that you’ve ever worked for will study all the amounts you paid and all the years you worked. Each administration will calculate how much they will need to pay depending on the periods you completed. The pension administration office will add all of them up and calculate which pension you’re eligible to collect. You can also apply for the national pension if you meet all the requirements.

For more information on how to calculate your pension, visit the web page or call the pension administration office.

5. Collecting Your Pension during Retirement in Spain

You will receive your pension in an EU bank account of your current home country. If you’re living outside the European Union, get in touch with the pension administration office where you’re now living, and that of the last place you worked in the EU for more information.

If you plan ahead, you will glide through retirement planning and collecting your pension very easily. Then you can start to think about the fun and interesting aspects of retirement in Spain, like which beaches to visit and how to spend your afternoons. If you don't yet reside in Spain, discover our free and easy guide to obtaining Spanish residency.