The INSS retirement pension: ordinary and early retirement

The retirement pension is a lifelong financial benefit paid by the Instituto Nacional de la Seguridad Social (INSS) when you stop working due to age and meet the required contribution years. It is paid in 14 instalments a year (12 monthly payments plus two extra payments, in June and November).

To access it, a minimum contribution period of 15 years is generally required, of which at least 2 must fall within the 15 years immediately prior to the moment the right to the pension arises (known as specific qualifying period).

There are three main access routes: ordinary retirement (at the legal age), early retirement (before that age, with a reduction) and delayed retirement (afterwards, with incentives). This guide focuses on ordinary and early retirement, both voluntary and forced. Managora studies your working life, determines the most advantageous option for you and submits the application on your behalf.

In 2026 the ordinary retirement age depends on what you have contributed throughout your working life. If you prove 38 years and 3 months or more of contributions, you can retire at 65 years of age. If you have contributed less than that figure, the ordinary age is 66 years and 10 months.

This is a progressive calendar: in 2027 the general age rises to 67 years (or 65 years with at least 38 years and 6 months contributed), a figure that will remain stable from that year onwards.

Reaching the age is not enough: to receive 100% of the regulatory base you also need a sufficient contribution career, which in 2026 stands at 36 years and 6 months. With fewer years you receive a lower percentage, according to a scale that starts at 50% for 15 years contributed.

The pension is the result of applying a percentage to the regulatory base. The regulatory base is obtained from your contribution bases in the years prior to retirement; the percentage depends on the total years contributed (50% at 15 years and 100% at 36 years and 6 months in 2026).

From 2026, due to the pension reform, the INSS calculates the regulatory base using two methods and automatically applies the one that is most favourable to you. It is worth knowing both with their numbers. The traditional one, which remains active under transitional provision fourth.7 of the Ley General de la Seguridad Social (the Spanish General Social Security Act), adds the bases of the last 300 months and divides them by 350, without discarding any. The new one, established by transitional provision fortieth, adds in 2026 the 302 highest contribution bases of the last 304 months and divides them by 352.33: that is, it looks slightly further back but discards your two worst months. This second method expands every year until 2037, when it will look at 348 months and discard the 24 worst. The comparison between the two is done automatically by the INSS and lasts until 2040.

In practice, the more years you have contributed and the higher your bases have been in the computed years, the higher the pension will be. Periods without contributions (gaps) are integrated with minimum bases according to legal rules. Managora reconstructs your regulatory base with your contribution bases report and checks which of the two methods suits you best before submitting the application.

Early retirement allows you to retire before the ordinary age in exchange for applying a permanent reduction coefficient to the pension. There are two main modalities.

VOLUNTARY early retirement (by the worker's decision) allows you to bring forward retirement up to 2 years before the ordinary age, requires proving at least 35 years contributed (2 of them within the last 15) and that the resulting pension exceeds the minimum pension that would correspond to you at the ordinary age. In 2026 the reduction ranges, depending on the months brought forward and the years contributed, between 2.81% and 21%.

FORCED early retirement (due to involuntary cessation: collective dismissal, objective dismissal or other causes beyond your control) allows you to bring it forward up to 4 years, requires 33 years contributed, being registered as a job seeker and having received the corresponding compensation. Its reduction coefficients are higher and can reach up to 30%. The reduction, in both cases, is for life.

The coefficients are applied for each month brought forward: the less the retirement is anticipated and the more you have contributed, the lower the penalty. Managora simulates both scenarios so you can decide with concrete figures.

The application is submitted to the INSS using the official retirement pension application form. The general deadline is up to 3 months before the expected cessation date. If you submit it within the 3 months following the cessation, the pension takes effect from the day after the cessation, without any cut. If you submit it later, retroactivity is limited to a maximum of 3 monthly payments prior to the application date.

It can be processed online at the Sede Electrónica of the Seguridad Social and on the Tu Seguridad Social portal (with an electronic DNI, digital certificate or Cl@ve Permanente, the Spanish digital identity system), or in person at the INSS offices with a prior appointment.

The INSS has a maximum resolution period of 90 days. The pension takes effect, generally, from the day following the cessation of work, provided the application is submitted on time. Managora prepares the form and all the documentation and submits it for you, saving you travel and errors that delay recognition.

2026 is a transition year within the pension reform. The general ordinary age is 66 years and 10 months (or 65 years with 38 years and 3 months contributed) and 100% of the regulatory base is reached with 36 years and 6 months contributed. In 2027 these thresholds rise (67 years and 37 years, respectively).

The most significant change is the new double calculation of the regulatory base: from 2026 the INSS compares the method of the last 300 months divided by 350 with the new one, which in 2026 takes the 302 best bases of the last 304 months and divides them by 352.33, and applies the one that benefits you most. It also improves the integration of contribution gaps.

These changes can increase the pension of those who had bad years at the end of their career. It is advisable to review the calculation before setting the retirement date, because bringing it forward or delaying it a few months can mean a significant difference for life.