On 5 October, Pedro Sánchez called a general election for 29 November, and pensions are once again in the spotlight. One of the most common questions is: is the pension system bankrupt?
This year, Spain has set a new record for its monthly pension bill, at almost €14.5 billion. Its Social Security system, which pays pensions and other benefits, reported its smallest deficit since 2011. But more than 20% of its income comes from the state, its debt to the Treasury is over €136 billion, and the mass retirement of the baby-boom generation has barely begun.
