Did you know that only 20% of the young population think about retirement as a pension, retirement, or personal asset? This lack of foresight causes many people not to plan for the long term and enter old age without having a solid financial foundation, and even without a pension. However, even those who do have a pension must continue to take care of their money through good practices such as savings.
Whether you are retired, your retirement is approaching, or you want to consider these tips for the future, on World Savings Day, Afore SURA talks about the importance of savings and how it can help you achieve healthier finances when you are a pensioned worker.
What do workers save for?
According to data from Afore SURA, as of the end of September, the age group from 35 to 45 years old leads with the highest volume of Voluntary Savings, followed by the group from 45 to 55 years old, and in third place, the group from 25 to 35 years old. These figures indicate that workers tend to save more for their retirement when they are halfway through their working life cycle.
Why keep saving?
Ideally, savings begin at an early age and continue throughout life, including in old age. In particular, some reasons why it is important to keep saving after you retire are:
- Achieve your personal goals. What comes after your retirement is a new stage that offers you the opportunity to fulfill the dreams you worked for all your life. If you couldn't do it before, don't hesitate to allocate a portion of your savings to something you've always wanted to do or buy.
- Take care of your health. In addition to the significant increase in the older adult population worldwide, people today live longer, although often with more diseases. Therefore, a portion of your pension should be allocated to cover health emergencies, medications, care, and/or assistance.
- Leave your mark on the world. Even when you are no longer around, you can take care of the economic well-being of your loved ones through the inheritance you leave them. In the case of your Afore, if you haven't already done so, remember to register your beneficiaries.
Design a savings plan
While it is true that the sooner you start saving, the greater the long-term benefit, it is never too late to incorporate this practice into your daily life. Some tips for creating a savings plan are:
- Adjust your budget. As we get older, our needs change, and our budget must be adjusted accordingly, always allocating a percentage to savings. In general terms, try to identify your priority expenses and control those that can be avoided.
- Set goals and priorities. Define your savings goal, the time you have to achieve it, and the amount that suits you best. There are many savings techniques and financial instruments, so it is advisable to look for the one that best suits your goals.
- Look for savings and investment options. Additionally, you can research savings and investment alternatives and decide which ones best suit your risk profile. The important thing is for your money to generate returns.
"Workers should start thinking about their retirement from today. Voluntary Savings is a fundamental piece not only in building a better pension but throughout all stages of life. While retirement marks a turning point in work life, it can also be the ideal time to make the most of our assets," said Gerardo Chavarría, Business Initiatives and Commercial Advisory Manager at Afore SURA.
With the aim of advising you, accompanying you, and providing you with all the necessary information about voluntary savings and the step-by-step retirement process, Afore SURA offers you the Pension Route SURA, the first and only pension guide in Mexico. It will allow you to make timely decisions to have a better pension at the end of your working life and enjoy the fruits of your work with the greatest possible benefit.
Press Contact:
SURA AM México
Jacqueline Briones
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CarralSierra
Lucía Jiménez
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