The Islands have seen over 4,400 new departures from the labor market by April, with increasingly higher benefits and a narrowing contributor base. This data confirms an upward trend that was only clearly interrupted during the pandemic in 2020, and it anticipates the demographic pressure the pension system will face in the coming years. The archipelago added over 4,400 new retirement claims in just four months, exceeding the records for the same period in all previous years.
This intense start to the year suggests 2026 will be a historic year for new pensioner registrations. The second half of the year, a particularly busy period for retirement claims, is yet to come. The figure for the first four months of 2026 represents a 5.8% increase compared to the same period in 2025 and a 108.4% increase when compared to 2005. Before the pandemic, in the first four months of 2019, 3,656 new claims were registered, marking a 22.2% increase.
This data aligns with the expected generational shift and demographic imbalance. The so-called baby boomers, born between 1958 and 1977, began turning 65 in 2023. This generation, much larger than subsequent ones, is now leaving the labor market amidst low birth rates and a progressive narrowing of the working-age population. Consequently, new pensioners are increasing while the relative weight of workers funding the system through their contributions is decreasing.
A progressive increase in retirements is expected to continue until the last members of this cohort reach retirement age around 2040. The same reality is replicated nationwide, where Social Security statistics recorded over 125,000 new retirement claims between January and April 2026, a milestone for the first four months of the year.
Not only is the number of new retirees increasing, but so is the amount of benefits. The baby boomer generation generally accessed higher educational levels and more qualified career paths, leading to higher salaries and, consequently, higher pensions. In the Canary Islands, the average pension for new claims up to April 2026 reached €1,644.2, the highest on record, a 7.7% increase from the 2025 average.
To address this imbalance between workers and beneficiaries, the ordinary retirement age has been progressively increasing since 2013. Currently, at 65 years old, the contribution period has extended to 38 years and three months, and from 2027, it will increase by another three months, pointing to 67 years for those who have contributed less than 38 years and six months.
