Did you start working formally and don’t know which Afore you’re in? If this is your case, we have bad news for you: the savings that are destined for your retirement are not generating enough returns to face the high levels of inflation that the country has been experiencing for a year. However, all is not lost.
Until September, in Mexico there were 8.7 million workers without choosing an Afore and whose retirement resources amounted to 68,419 million pesos, according to data from the National Commission of the Retirement Savings System (Consar).
The money of people who have not chosen an Afore is managed by the Bank of Mexico (Banxico) and gives a mandatory monthly return of 3%, a figure lower than the 8.5% of current inflation.
The disadvantages of not having your Afore registered in one of the 10 administrators that exist is that the yields obtained are less than 5%, which the administrators give on average, there are even administrators that -depending on your age- offer returns higher than 7%. .
If you want to know what the return offered by your Afore is, you can consult it at .
What are the advantages of choosing an Afore?
One of the main ones, in addition to receiving higher returns, is that you can receive your account statement every four months: in January, May and September .
In addition, you can make voluntary contributions from 100 pesos and choose how often you want to save: weekly, fortnightly or monthly.
Voluntary contributions also give you returns and suffer losses in times of market volatility, but they have another advantage: you can withdraw them whenever you want.
Voluntary savings can be done from your Afore app, by going to the offices or by phone. You can also assign beneficiaries. Workers with an Afore account can inherit their savings to their relatives in the event of death.
Afore Sura adds that there are two types of beneficiaries: legal and substitutes. The first are spouses, children, concubines and parents, who can request a pension and money from the individual account.
For surrogate payees, the worker can choose non-relatives or second-degree relatives to recover the money from the individual account.
How do I register in an Afore?
Once you have reviewed the commission, the returns and the services offered by each Afore and you have chosen the one that suits you best, you must make an appointment at the offices of the Afore you have chosen and bring your documents: CURP, RFC, INE, Social Security Number and proof of address.
You can also make a Pre-registration request through the portal. When you have completed the pre-application, the Afore will contact you.
When you go to the Afore offices or branch, the advisor will take your fingerprints to create your file, you must also sign the contract electronically.
If you don’t have much time to go to offices, you can be aware of the Afores Fairs organized by Consar, the next one will be in Monterrey, Nuevo León and will take place in the second week of November.