Jubilado vs. pensionista
While both pensionista and jubilado translate to pensioner in English, they have a distinct difference in scope. A jubilado is specifically someone who has retired from work due to age or years of service, whereas a pensionista is a broader term for anyone receiving any type of financial pension, which can include retirement, disability, or widowhood. Therefore, every jubilado is a pensionista, but not every pensionista is a jubilado.
Jubilado
The word jubilado refers strictly to a retired person who has stopped working, usually due to old age or having completed a required number of years in the workforce, and now receives a retirement pension.
Mi abuelo es un jubilado que pasa sus días cuidando el jardín.
(My grandfather is a pensioner who spends his days taking care of the garden.)
El club deportivo ofrece descuentos especiales para cualquier jubilado.
(The sports club offers special discounts for any pensioner.)
Después de cuarenta años como profesor de matemáticas, por fin es un jubilado.
(After forty years as a math teacher, he is finally a pensioner.)
Se adaptó muy rápido a su nueva vida de jubilado viajando por el mundo.
(He adapted very quickly to his new life as a pensioner traveling the world.)
Cada mañana, un grupo de jubilados se reúne en la plaza para jugar al dominó.
(Every morning, a group of pensioners meets in the square to play dominoes.)
Pensionista
The word pensionista describes anyone who is the beneficiary of a regular financial allowance or pension from the state or a private institution, which includes retired people but also covers those receiving disability, orphanhood, or widowhood pensions regardless of their age.
Ella es pensionista porque recibe una ayuda económica permanente por su ceguera.
(She is a pensioner because she receives permanent financial aid for her blindness.)
Tras la muerte de su esposo, la mujer fue reconocida como pensionista por viudedad.
(After the death of her husband, the woman was recognized as a pensioner due to widowhood.)
El gobierno anunció un aumento mensual para cada pensionista del país.
(The government announced a monthly increase for every pensioner in the country.)
Aunque solo tiene veinte años, es pensionista debido a un accidente laboral grave.
(Even though he is only twenty years old, he is a pensioner due to a severe workplace accident.)
Los descuentos en el transporte público de esta ciudad aplican para cualquier estudiante o pensionista.
(The discounts on public transport in this city apply to any student or pensioner.)
Summary
In short, use jubilado when you want to talk specifically about a retired person who has finished their working life. Use pensionista when you are referring to anyone who receives a pension of any kind, whether it is for retirement, disability, widowhood, or other legal reasons.