The role of women in society and in the economy is essential. For this reason, and on the occasion of International Women's Day, Afore SURA celebrates the achievements of each and every Mexican woman who strives every day to secure a better future for themselves and their families, instilling positive habits, including the habit of saving to achieve short, medium, and long-term goals.
However, women currently face a significant challenge in terms of savings and pensions. According to the National Commission for the Retirement Savings System (CONSAR), there are several factors that make women more vulnerable. One example is the short and interrupted professional or work trajectories that result in low contribution density, the gender pay gap, the low level of voluntary savings (prioritizing short-term savings to face unforeseen events over saving for retirement), as well as a longer life expectancy (81.6 years for women compared to 77.4 years for men). In this regard, promoting the practice of Voluntary Savings is key in retirement planning.
For Afore SURA, promoting Voluntary Savings has been a priority for several years. That's why it consistently implements specific actions to promote a savings culture and prepare the path towards a successful retirement that can improve quality of life for women. Therefore, it provides the following retirement recommendations:
Recommendations for Women
Under 35 Years Old
- Registration: Register with an Afore from the beginning of your working life and verify that your data is correct both in the Afore and in the Social Security Institutes. For example, review your Afore Account Statements and validate that you contribute with your real salary to the IMSS.
- Identify and know your Afore: It is important to know and choose the Afore that offers you the best service and the best returns according to your goals. Also, knowing where your savings are will allow you to monitor your contributions through your Account Statements.
- Establish an initial budget: Start by reviewing your initial budget and then divide it into three pillars as follows:
- 50% for fixed and constant monthly expenses
- 40% for variable and unforeseen expenses
- 10% for savings.
- Do a projection exercise: There are tools such as CONSAR's Savings Calculator, applications like Afore SURA Móvil, your Account Statements, among others, that will allow you to know how much you should save to receive the pension you need when you retire.
- Afore for independent workers: Independent workers, i.e., those who have not had a work relationship with an employer or are not wage earners, also have options to join an insurance scheme through the Mexican Social Security Institute (IMSS), with which they can access a pension at the end of their working life and receive the same benefits as those who work formally. If you are an independent worker, approach an Afore and learn about the advantages of opening an Individual Account.
Between 36 and 50 Years Old
- Prioritize your savings: Retirement should be a savings goal with higher priority than for men since, on average, women have 5 more years of life expectancy. If you have not started a voluntary savings strategy, approach your Afore for advice and start your retirement plan via Voluntary Savings.
- Register your beneficiaries: Verify that all the data in your Individual Account is in order, and if there is any inconsistency, correct it as soon as possible. In case of having children or a spouse, it is time to approach the Afore to register your beneficiaries.
- Maintain your relationship with the Afore: If you decide to leave your job for a while due to your personal plans, it is very important to continue with your voluntary savings or consider voluntary inclusion in Social Security at the IMSS (Modality 40) and keep contributing to avoid losing pension rights. In the case of women, the lack of contribution weeks is one of the main reasons for pension denial. Additionally, you can contract Modality 33 (optional insurance) to receive medical attention.
- Partial withdrawal due to marriage: If you are planning to get married or have already done so, you can make a partial withdrawal of the balance of your Individual Account for marriage expenses. This is a benefit that the IMSS and your Afore grant you, through which you can receive an amount equivalent to 30 times the value of the UMA on the date of marriage or 30 days of the minimum wage if you got married before 2017.
Over 50 Years Old
- The Pension Route (Ruta de la Pensión) is for you: If you are over 50 years old and started working before 1997, we invite you to review the Pension Route, which is a step-by-step guide to prepare and process your pension smoothly. For more information, you can visit: www.rutadelapensionsura.com.
- Request your resources: If you had a work relationship at some point in your life but did not continue contributing or did not meet any of the requirements to obtain a pension, from the age of 60, you can recover the savings you have accumulated and the returns they have generated. The money is not lost; the resources are yours.
- Learn about the types of pensions you may be entitled to: If you have a widow's or other type of pension, you should know that your rights as a working woman remain and are totally independent. You can have more than one pension as long as it is not of the same nature; these can be through your children, your husband, due to unemployment, or widowhood.
Press Contact
SURA AM México
Jacqueline Briones
[email protected]
Carral Sierra
Flor Zepeda
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