If you do this in your Afore account, you will have a better IMSS pension

We know, be working under the Law of 97 of the Mexican Social Security Institute (IMSS) can generate anguish and uncertainty for workers in the Mexican formal sector in relation to their pension.

Under this understanding, if you began to contribute to the Mexican Social Security Institute (IMSS) as of July 1, 1997, you should know that there is a way to you can have a better pension through your Afore accountand we will give you more details shortly.

It is through the Voluntary contributions to the Afore accountMexican workers have access to more money deposited in their pension month by month after they have met the necessary requirements for it.

In this sense, as indicated on the official website of the federal government of Mexico, the following are the benefits to make Voluntary Savings in the Afore account:

*High returns superior to any other long-term savings alternative.

*Tax Benefits, since it can be tax deductible.

*Flexibility, taking into account that you do it according to your possibilities (from 50 pesos) and when you decide.

*Ease, since you can do it from your home or at the nearest establishment (previously only skipper and AFORE).

*Security, since your investment is safe because the AFORE are supervised by CONSAR daily and you can see how your AFORE GROWS by reviewing your Account Statement.

*Disposal of Resources, since if you require it you can have your resources at any time.

*Above all, Voluntary Savings in the Afore account helps workers in the Mexican formal sector have access to a better pension when they retire from the active Mexican labor market.

How would the pension increase?

To give an example of how the pension increases through Voluntary Savings in the Afore, a woman who begins to contribute today, who has a monthly salary of 21,538 pesos, is 25 years old and who plans to retire at age 65, would receive a pension of 10,865 pesos and with voluntary savings could reach a pension of 21,538 pesos.

The above assumes that the woman is a contributor to the IMSS with a base contribution salary of 5 minimum wages (21,538 pesos), and that she begins to contribute at 25 years of age and will retire at 65 years of age. Assuming real annual net return of 4%, contribution density of 80%, the income will continue to be 5 minimum wages throughout your working career, pension calculated as Life Annuity without beneficiaries with a discount rate of 3%.

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