Old-age pensions with first processing in 2024 presented an average monthly value of 710.33 euros, according to the Report on the Financial Sustainability of Social Security that accompanies the State Budget for 2026. This value is 99.42 euros higher than the average of all old-age pensions in the general scheme in payment in December 2024, which stood at 610.91 euros. However, the report warns that this comparison covers different populations, as the overall average includes benefits of reduced value by their very nature, such as partial pensions assigned under international conventions.
In 2023, the average value of new old-age pensions had been 644.59 euros, having risen 10.2% in one year. This evolution was associated with the increase in remuneration considered in the calculation and the increase in the average number of years of contributory careers of new retirees. Data relating to contributory careers show that, in 2024, new old-age retirees had on average 34.41 years of contributions, while the average for all old-age retirees was 29.75 years.
In nominal terms, the average old-age pension in the general scheme rose from 438.25 euros in 2014 to 610.91 euros in 2024. In the case of new pensions, the average rose from 518.83 to 710.33 euros during the same period. However, in 2024, 74.2% of new old-age pensions were below 1.5 times the Social Support Index, equivalent to 763.89 euros, representing 72,611 new pensions. The general scheme registered approximately 97.9 thousand new old-age retirees in 2024, of which 70.6% were between 65 and 69 years old and 25.9% had not yet turned 65.
The report clarifies that a person who has recently reached retirement with few years of contributions or reduced remuneration may receive less than someone who retired several years ago with a long career and higher salaries. The data reveal an average trend between different groups and not a rule applicable to each retiree. What the numbers show is that new retirees entered the system with longer contributory careers, on average, but do not allow the conclusion that all more recent retirees are in a better situation than those who retired earlier.
