Spain already allocates 12.3% of GDP to pensions, but retirees warn it won’t be enough
The pension system in Spain currently supports more than 10 million retirees. For many, like brothers Antonio and Juan José López, their pension of around 2,500 euros net per month allows them to live with dignity. However, the tranquility does not erase a growing concern: the long term.
The aging population and job precariousness raise doubts. According to official calculations, Spain already allocates 12.3% of GDP to pay pensions, one of the highest figures in the European Union. Projections suggest that by 2050 there could be more than 15 million pensioners.
## A generation that looks back with relief and forward with fear
Antonio, a retired math teacher, acknowledges that his situation is comfortable, but warns: “I think that in a few years there won’t be enough money for pensions if some things don’t change.”
His brother, Juan José, an 83-year-old retired doctor, contrasts generations: “because salaries are very low. Although our pensions are also low, they are still higher than what young people earn.” Housing is the clearest example: affordable for older people, unattainable for many young people.
## The problem of funding
Both agree that the current model is unsustainable unless there is a reconsideration of how it is funded. Juan José directly points to taxes: “In Spain, we need to ask for more taxes and people are not willing to pay.”
Antonio, on the other hand, suggests that the solution may lie in a dual approach: fairer collection and contributions to the system. For them, it is not just about maintaining what already exists, but ensuring that future generations can rely on a minimum level of stability.
## A challenge that goes beyond the personal
Beyond their individual experience, the story of the López brothers reflects a collective challenge. Spain, like many European countries, faces a dilemma: ensuring a decent standard of living for its retirees while the labor market offers lower and more unstable wages.
Economist Joan Llobet (UOC) summarizes it harshly: demographic aging and the volatility of affiliations call into question the system’s ability to sustain itself. A problem that is not only economic, but also social and political.
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