The average savings balance that the accounts registered in Afores have is $96,437 pesos, according to Consar data from 2022. And it is the amount that can be taken to find out how much a person who begins to earn 500 pesos per month will receive as a pension, as Voluntary savings to your Afore, until your retirement.
This is important in a country like Mexico, which ranks 36th among 47 countries evaluated in the Mercer Global Pension Index 2023 . Mexico’s is considered a class C system, which is characterized by having some “good characteristics but also has important risks and/or deficiencies that should be corrected; without these improvements, its long-term effectiveness and/or sustainability may be compromised.” affected”.
Return on voluntary savings
To save those 500 pesos, according to the Consar website, just stop consuming three packs of cigarettes a month, stop having a beer and a meal on the street and stop going to the movies once with your partner. This would happen in each case:
35 year old man
Savings of 96,437 accumulated
Retirement age: 60 years
Real performance of the Afore: 5%
Weeks quoted in the IMSS: 303
Voluntary savings: 500 pesos per month
Result:
Accumulated balance at retirement without voluntary savings: 1,443,800 pesos
Estimated monthly pension without voluntary savings: 9,347.96 pesos
Additional savings at the time of withdrawal of 213,737 pesos.
Estimated monthly pension with voluntary savings: 10,731
25 year old woman
Savings of 50,000 accumulated
Retirement age: 60 years
Real performance of the Afore: 5%
Weeks quoted in the IMSS: 150
Voluntary savings: 500 pesos per month
Result
Accumulated balance at retirement without voluntary savings: 2,371,769 pesos
Estimated monthly pension without voluntary savings: 13,433
Additional savings at the time of withdrawal of 388,634 pesos.
Estimated monthly pension with voluntary savings: 15,635
Receive a pension of 20,000 pesos per month
If this same woman wanted to retire with a monthly pension of 20,000 pesos per month, she would have to contribute from now on not 500, but 1,489 pesos monthly.
If you want to know your own reality, visit this IMSS withdrawal calculator.
Independent workers
In this example, if a 35-year-old man, who will retire at age 65, voluntarily saves 500 pesos per month in his Afore, he will receive an accumulated amount for the retirement of $573,874 and a monthly pension of $3,774, according to an estimate from the calculator for independent workers from Consar. This is considering that it has an accumulated balance equal to the average.