4 simple actions that will make you have a better retirement endorsed by Condusef

If you are generation Aforethat is, you began to contribute to the Mexican Social Security Institute (IMSS), as of July 1, 1997, you are probably worried that the money in your account will not be enough for your withdrawal.

The National Commission for the Protection and Defense of Users of Financial Services is aware of the above situation (Condusef), which is why he has recommended 4 actions to workers in the Mexican formal sector that will guarantee having a better retirement.

It was in the April 2024 edition of the magazine Protect your money where the National Commission for the Protection and Defense of Users of Financial Services (Condusef) advised the workers of the Afore generation the following 4 actions so that have more budget when you retire:

*Personal Retirement Savings Plan (PPR): PPR are a long-term investment product that is intended to complement the amount you have saved for retirement, which has many advantages such as: you can put together a savings plan tailored to you based on the amount you can accumulate in a month , semester or annually; They are tax deductible; The younger you hire it, you will be able to save with more accessible amounts where compound interest will be your ally. To contract it you can do it with banks, policyholders or brokerage houses, but we advise you to compare the commissions, performance rates and additional benefits they offer.

*Investment funds: There is a wide variety of investment funds with different levels of risks, which turn out to be an ideal idea to increase your retirement savings. There are many examples of investment funds and in different areas, so it is advisable that you approach a financial advisor to explain the benefits and risks of each fund and advise you which one is best for you depending on your particular situation, that is That is, the younger you can invest in funds with higher risk, and the closer you get to the retirement stage, the better to opt for more conservative investments.

*Retirement insurance: This is another financial tool that will help you complement your Afore, which works like a savings plan offered by insurance companies, which guarantees a minimum rate of return on your contributions, in addition to protecting your savings from the moment you contract it and in case If you die, you can leave a beneficiary to inherit it, it also offers tax benefits, and in the end you can collect your total savings in a single installment, monthly payments until your death or through a guaranteed income within a period of 10 to 30 years. Before choosing any of these insurances, do not forget to compare the existing options, terms, exclusions, conditions, premium costs and consider the savings goal or term.

*Voluntary savings: It is very simple and accessible to start with this practice, since you can domiciliate your savings to a debit card, making contributions from 100 to 50 thousand pesos, you can also do it through your payroll, or by depositing in self-service stores, the Afore branch or in the Afore Móvil app. There are different terms for voluntary contributions (short, medium and long), so that you can use these resources in case of any unforeseen event.

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