King Juan Carlos of Spain announced his plan to abdicate the throne amid health issues and recent financial scandals. The 76-year old king will step down in favor of Crown Prince Felipe, who at age 46 will take over as the new monarch. A constitutional amendment will need to be proposed to allow for the abdication. Juan Carlos' popularity has fallen in recent years following corruption scandals and gaffes, and political analysts believe putting the more popular Felipe on the throne may help combat rising anti-monarchist sentiment in Spain.