The retirement issue in Mexico is gaining significant importance due to several economic and demographic factors that threaten the future stability of retirees.
Below are some key points and current statistics on the retirement situation in Mexico.
Life Expectancy on the Rise
Life expectancy in Mexico has increased significantly. In the
Currently, a Mexican who reaches 65 can expect to live, on average, 18 more years. This implies a prolonged need for financial resources that a traditional pension will hardly cover.
Insufficient Voluntary Withdrawal
Although the AFORE system allows for voluntary contributions, only 1.2% of individual accounts in the system make any kind of voluntary savings. This reflects a low retirement savings culture among Mexicans.
It is essential to promote a retirement culture among the Mexican population. Financial education plays a crucial role in helping workers understand the importance of saving from an early age and enabling them to make informed decisions about their financial future.
The government and private financial institutions should offer incentives and facilities to encourage you to retire with a million. This can include tax deductions, automatic savings programs, and financial products specifically designed for retirement at age 65.
Late Retirement and Corporate Employment Outlook.
Although the official retirement age in Mexico is 65, many Mexicans continue working beyond that age. The main reason is that their pension isn't enough to live comfortably.
Self-employed professionals, without a mandatory pension system like employees in formal companies, face the challenge of planning their own retirement. Creating a personal retirement fund is vital to ensuring the best possible lifestyle, guaranteed by you and without financial worries.
Late retirement and prolonged work expectancy highlight the need for proper financial planning. Self-employed professionals should consider saving more and diversifying their investments to ensure they have sufficient resources to cover their needs over a longer period of life.
Total control over your productive life
- Freedom of Investment:
By not depending on an employer, professionals have the freedom to choose how, where, and when to invest for their retirement. This allows them to customize their savings plan according to their financial goals and risk tolerance.
- Personalized Strategies:
Professionals can design investment strategies that fit their risk profile and financial goals. They can opt for more conservative or more aggressive investments, depending on their risk tolerance and investment horizon.
- Flexibility in Time:
Professionals can adjust their savings plan and investments over time, according to their needs and circumstances. They can increase or decrease their contributions, change their investment strategy, or even withdraw part of their savings if needed.
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