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An Afore is the manager of your retirement savings account. If you were ever registered with IMSS or ISSSTE as a worker, you must have money accumulated for your pension in one of those companies.

According to Condusef, there are more than 18 million workers who do not know whether or not they have a retirement savings account and, therefore, the services and benefits offered by pension operators.

For example, these people should know how much money they have accumulated for their pension, how to make voluntary savings, how often they can make partial withdrawals due to unemployment or marriage, calculate how much they are going to retire with, the returns they get for investing their resources, the promotions that exist for making voluntary savings, even how to register voluntarily.

There are currently 10 Retirement Fund Administrators (Afores) operating in Mexico: XXI Banorte, Afore Azteca, Coppel, Citibanamex, Inbursa, Invercap, Principal, Profuturo, SURA and PensionISSSTE.

Together, all of them manage 70.4 million accounts and more than 5.2 billion pesos, money they invest to generate returns for workers’ pension funds, according to data from the National Commission of the Retirement Savings System (Consar).

If you are part of the universe of people who do not know if they have an account or know that they are registered in an Afore but do not know which one, there are three mechanisms to investigate this information.

Which Afore manages your money? To find out, you need your CURP, social security number and an email. With these data you can enter the page; call Sartel 55 128 5000 or download the AforeMóvil app and register so that later they give you the name of the Afore that has your money.

How much do you have saved? There are two ways to investigate this data. The first, through the account statement that the Afore must send to your address once every four months or by requesting it from the company by telephone.

The second, through the AforeMóvil app, from there you can find out this information in less than 10 minutes and how much of it corresponds to retirement and the housing subaccount.

Commissions. After locating the company that manages your money, it is important to investigate the commission that it retains for performing this action. The data is located within the Consar page. This year the average fee is 0.56 percent.

Yields. According to the regulatory body of the Afores, the historical yield of the system is 5.37% real, but if you want to know how much the Afore grants you according to your age, you should investigate in which investment company you are.

There are 10 societies divided by age group. For example, if you are 36 years old, the basic siefore 85-89 corresponds to you (people who were born in that period), and it gives a return of 6.02 percent per year.

Beneficiaries. Check who the beneficiaries of your Afore are and if this record does not exist, ask to update it. The beneficiaries are the people who will be able to claim your retirement money from the Afore in the event of your death.

Options for voluntary savings. The Afores serve as a financial tool to invest your savings in the short, medium or long term. The idea of ​​voluntary savings is that it be made to complement the amount of pension that will accumulate in the fund manager.

There are three ways to make voluntary contributions. The first, through the AforeMóvil app by direct debiting the amount you wish to contribute per week, fortnight or month. The second, from the page and the third through commercial establishments from 50 pesos.

There are also incentives for people to make voluntary savings. Within the AforeMóvil app there is GanAhorro, a platform that reimburses you for the purchase of various products online for voluntary savings.

How much are you going to retire with? Retirement calculators are available on the Consar page, on AforeMóvil and on the Amafore website, which, with a series of information, deduce how much money you will receive when you retire and tell you what you need to do to reach the amounts Taller.

Partial withdrawals. Workers with an account in an Afore have the option of making partial withdrawals of their accumulated savings, for unemployment once every five years and for marriage once in a lifetime

For unemployment, the amount you can obtain is up to 30 days of your last contribution base salary or the lesser of 90 days of salary in the last 250 weeks and 11.5% of accumulated resources.

Electronic file. This digital file is essential to carry out some procedures, including change of Afore and partial withdrawals. It integrates your up-to-date personal information and biometric data, such as fingerprints, facial and voice recognition.

To create this document, you have to request an appointment with your Afore and bring a series of documents. Once updated, the procedures you want to do regarding your account or pension will be faster.

Voluntary membership. If you have never been affiliated with a social security institute, you can voluntarily register with an Afore and save for a goal or for your retirement.

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