The Aforesor Retirement Fund Administrators, play an essential role in the financial lives of Mexican workers, particularly those who benefit from the Social Security Law of 1997.
For those who belong to this law, the savings accumulated in their Afore becomes a fundamental pillar for their retirement. However, an important question arises: What happens to the Afore money if the worker dies?
First of all, it is essential to understand that the Afores are financial institutions in charge of managing the savings for workers’ retirement.
These accounts are used by both members of the Mexican Social Security Institute (IMSS) as by those of the Institute of Security and Social Services of State Workers (ISSSTE).
Mexico has several Afores administrators authorized by Consarand workers can choose one of them or let the government do it on their behalf.
These retirement funds are fueled by worker contributions, employer contributions and government contributions, all with the aim of improving returns.
Who has the right to collect the afore of a deceased person?
However, What happens to the resources accumulated in the Afore if the worker dies before retiring? According to Bernardo González Rosas, head of the Mexican Association of Afores (Amafore), retirement funds are not lost or confiscated by the government.
Unlike what happens with money abandoned in bank accounts, which ends up in the hands of the Treasury, In the case of Afores, the money remains in the individual account of the deceased worker until a legitimate beneficiary claims those resources.
The beneficiaries They are people with a family relationship recognized by current legislation, and usually include:
1- Widow or widower, if they were financially dependent on the deceased worker.
2 – Children under 16 years of age, or over 16 years of age who cannot support themselves through their own work or are studying until they are 25 years old.
3 – Fathers or mothers who lived in the same address as the deceased worker.
4 – In the absence of a spouse, the concubine or common-law partner, as long as they were financially dependent on the worker.
Therefore, it is crucial that workers keep their data up to date in their Afore documentation, clearly specifying who the beneficiaries would be in the event they die before retiring.
Not knowing the Afore in which you are affiliated or not remembering who your registered beneficiaries It can cause complications in the future.
If you have doubts about your current Afore or your registered beneficiariesit is recommended that you inform yourself about this immediately.
You can contact the SARTEL telephone service area by calling 55 1328 5000, a free service, and begin the process of registration of your beneficiaries.
When making this call, make sure you have your Unique Population Registration Code (CURP) on hand to facilitate the process.
So, it is clear that The money accumulated in your Afore is not lost in the event of deathbut is kept in your individual account until your legitimate beneficiaries claim it.
Remember that keeping your details up to date and knowing your beneficiaries is essential to ensure that your retirement savings are managed according to your wants and needs.
- Haven’t you checked out Amazon? Go on THIS LINK and check out all the promotions.
see more
#Afore #money #worker #dies