Spain's pension system climbs modestly but still lags behind most of Europe
Spain moved up six spots to 33rd in the Natixis Global Retirement Index, yet its pension income remains low compared with most EU peers.
According to the 2026 Natixis Global Retirement Index, Spain advanced to 33rd place out of 44 nations, raising its score by eight points to 56 percent and overtaking Greece, Latvia and Finland. The index evaluates not only pension income but also retirement finances, health and quality of life. Spain’s average Social Security pension in July 2026 was €1,372.2 per month, up 4.6% from the previous year, while the average worker’s pension stood at €1,573.7 gross.
A February 2026 DataPulse study placed Spain among a small group of EU countries where pensions cover basic living expenses. Demographic projections show the share of people aged 65+ rising from 21.1% to about 30.9% by 2076, raising concerns about the system’s sustainability. The government is expected to raise state pensions in January 2027, likely above a 3% increase, following a 2.7% CPI-linked rise in 2026.
