If you have already begun to work, surely you have noticed that different discounts are made to your payroll account , one of them corresponds to the contribution you make to your AFORE account or fund for retirement, here we explain what is and how It works, as well as the advantages of having this fund.
While you are working under the conditions established by law, your salary is deducted a certain amount, which is complemented by another amount made by your employer, and in turn by the government. This money goes to your retirement fund, which is run by a financial institution called AFORE, which specializes in managing and investing your money to produce returns.
What is the Afore?
The AFORE is a retirement account, so it is important to know who and how it is managed. When you reach the age necessary for your retirement, this savings fund serves as a pension that is given to you each month as financial support. The amount you accumulate, will be different for each worker according to the monthly salary received, but even if your salary is low there is another way to increase your fund and therefore your pension when you retire; through voluntary contributions.
How to know what Afore you are in?
The e-sar is the official system of the Consar to make procedures related to your Afore as domicile your voluntary contributions, make your pre-application or locate it.
To search for your Afore online in the Consar you will need your Social Security Number (SSN) or your Unique Population Registration Code (CURP) and an email account to receive the information.
IMPORTANT: Remember that there is only possibility that you have Afore pre-assigned if you worked as a salaried employee. If you are an independent worker or freelance, only you can start your Afore where you decide, it is your right to open one! Nobody else will do it for you.
How to have more money in your Afore?
The way to increase your retirement fund is by making voluntary contributions that you can make at any time and for the amount you want according to your possibilities.
Also with Afore you can make money investment to withdraw in the short term (2 months), medium (5 years) or for retirement at retirement age.
These are some of the benefits you get from making this type of contribution to your retirement fund:
- You get high yields
- Your investment is safe, since all the AFORES are supervised by the National Commission of the Savings System for Retirement (CONSAR)
- You can have the resources that you have invested according to the term you choose
- You make the amount you can get as a pension
- If it is Complementary Retirement Contributions (ACR) they can be tax deductible.
How to make voluntary contributions?
Once you are clear about what type of contribution you are going to make and that you have previously attended your AFORE, you have several options to make deposits:
- Commercial networks: 7-Eleven, Extra, Circle K, Chedraui, Telecomm, Bansefi or Savings Pharmacies
- Directly in the AFORE
- Via Payroll
- Through App Transfer
- Through the AFORE Mobile app
It is very easy to make voluntary contributions to your retirement fund, make your pension grow!