Have you ever wondered what your life will be like when you are a full adult? Do you know what you are going to live on? Will you work all your life? Or are you already saving for your retirement?are questions that the National Commission of the Retirement Savings System (Consar) asks you and to solve them, offers you free courses that help you plan your retirement and personal finances.
Mandatory and voluntary savings
According to Consar, there are many people who do not save for their retirement and do not know how, but they can. Other people do save compulsorily because they have that right when they are working, but they don’t know it. And you, do you know if at some point in your life you have accumulated any savings for retirement? No?
We will tell you that with the simple fact of being a worker who contributes to the Mexican Institute of Social Security (IMSS), you are saving for your retirement.
Saving for retirement is stipulated in the Social Security Law and is made mandatory when a worker contributes to the Mandatory Regime, that is, he works for a company or employer that registers him with the IMSS And because of thatis entitled to the benefits established by this Law.
All workers who contribute to the IMSS after July 1, 1997 have the right to receive retirement savings contributions that are deposited in an individual account. Each individual account is identified with the Social Security number or NSS that the IMSS give to each person.
As of that date, July 1, 1997, the Afores were also created, which are the institutions in charge of managing the individual accounts of workers.
The contributions that are made in a mandatory manner come from the quotas that the employer, the federal government and the same worker pay every two months (through an automatic discount to their salary) for the concept of Retirement Insurance, Unemployment at age Advanced and Old Age or RCV.
What does this mean?
That all workers who contribute or contributed to the IMSS after July 1, 1997 have the right to receive retirement contributions that are deposited in an individual account in their name.
For those people who work for themselves, who currently do not contribute or have never contributed to any Institute of Social Security such as IMSS or ISSSTE and, therefore, they do not receive mandatory contributions from an employer, there is a type of savings that can help them plan their retirement and it is called voluntary savings.
That’s right: voluntary savings are the contributions that a person can make on their own initiative to their individual account, so that anyone can open an individual account in a AFORE and perform them.
Voluntary savings is ideal for those independent workers who want to start saving for their retirement. The minimum amount is $50.00 at most points and the frequency is decided by the saver.
This and more topics are the ones that the consar addresses on its website, with courses that are designed to guide and train people in their personal financeas well as in the strategies to have a full retirement.
If you’re interested, you can sign up for their virtual courses on the SAR and strengthen your personal finances and your retirement savings in: http://cursosconsar.gob.mx/wordpress/
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