How much do Mexicans need to save to have a good pension?

Rate this post Currently, Mexicans have Good Finance is already a great achievement in themselves when compared to the fact that, at present, most jobs are informal and are not accompanied by this benefit.

Even with that, there is a problem with retirement savings, it is not enough! So … Besides being quoted, how much should Mexicans save to have a good pension at the end of working life?

How much is received from a pension in Mexico?

How much is received from a pension in Mexico?

According to estimates of the Consar, so that they enjoy a good pension when they withdraw at least they must start in the habit of voluntary savings.

“To get a decent pension, equivalent to 60 or 70 percent of the base salary, a worker with an average income of seven thousand pesos a month, needs to save throughout his working life, between 13 and 15 percent of his salary, double what is being saved today in Good Finance accounts ”

Let’s analyze it. In one year, an average worker saves the corresponding one month’s salary for his Good Finance. If the worker will save for a time of 40 years, he would save the equivalent of 40 months, which is three and a half years of his salary.

Would this be enough for live for?

According to the Consar, workers allocate 6.5% of their income to their retirement savings; and that barely reaches for a pension of 30% of the last salary during old age. If we add to this poor percentage the inflation generated in 20 years on average. We can deduce that in short, it is not enough for a senior citizen to cover all their needs. Not even the basics.

How to get a good pension?

How to get a good pension?

In order for workers to get a pension considered worthy and to be able to cover their basic needs, it is necessary to save about 70% of their total salary perceptions. Something almost impossible for the Mexican labor, social and economic system.

Why can’t we save so much?

Simple, because a type of savings of that magnitude suggests that of every 10 thousand pesos that are perceived as net salary, the worker must allocate at least 7 thousand pesos to the Good Finance. This means that they should cover all their basic needs with the remaining 30%. In the case of this example in particular with 3 thousand pesos. The but is …

Who can cover your basic needs with 3 thousand pesos?

How many people at this time receive 10 thousand pesos or more per month?

How many people at this time receive 10 thousand pesos or more per month?

Here, where mathematics no longer matches, it is where we must look for alternatives to saving by obligation of the Good Finance.

What you can do is …

  • Get into that voluntary savings

Voluntary savings are contributions that, as the name says, are voluntary and you can make them at the time you decide, without being obligated to pay a specific amount. These contributions accumulate in your retirement savings and are invested by the Good Finances as your pension increases.

  • Invest outside the Good Finance

We recommend you accumulate savings (No matter the amount) and allocate it to an investment that can generate long-term returns. We recommend you choose:

  • Investment funds
  • Investment in shares in brokerage firms

These types of investments, if chosen well, can help you increase your retirement savings. If you add this to a small voluntary savings, yes, you may not get an incredible retirement but you can get a good pension to maintain your economic stability.