A pension oasis? Spain ranks among the top 4 EU countries where benefits actually cover living costs

Spain has entered an elite group of just four EU countries where the state pension is sufficient to live on without additional savings. According to a study by Datapulse Research, Spanish retirees end up “in the black,” while the average European pensioner runs an annual deficit of 20%.

The average annual pension in Spain (before taxes) is estimated at €19,800, while the average expenses of a retiree amount to €19,300.

To maintain this status, Spain is spending record amounts. In January 2026, pension payments reached €14.25 billion (+6% compared to last year), marking a historic maximum.