If you want to have a good pension, how much should you save?

60 million people are enrolled in the SAR. Consar points out that, of that figure, 40 million do not voluntarily increase the amount in their Afore, or keep their accounts unchanged, so it is possible that due to the amount they have, they cannot receive a pension. It is important that you know how much you must have in your Afore so that you receive a pension that allows you to comfortably pay your family’s living expenses. We tell you.

In the study « Factors that promote voluntary savings among Mexicans, » Consar points out that many of the workers who save in an Afore account consider that having an amount of 500,000 there is enough to receive a pension for a figure that allow your needs to be met upon retirement.

If the savings amount is 500,000 pesos in an Afore, the pension obtained for that figure is 30% lower than what people expect to receive.

Almost three-quarters of the people who have an Afore believe that it is enough for them to save 500,000 pesos in it to receive a pension of more than 3,000 pesos.

Consar has also pointed out that surveys show that the people interviewed do not know what the cost of pensions is.

The Consar clarifies that if the amount saved in the Afore is 500,000 pesos, the pension that the worker will receive for that amount will be 30% less than what they consider they will receive. The actual figures received for various savings amounts are presented below:

Estimated monthly pension based on savings

Amount of savings – Monthly pension received

• Savings of 262,682 pesos – 1,111 pesos of pension.

• Savings of 383,996 pesos – 1,624 pesos of pension.

• Savings of 510,996 pesos – 2,161 pesos of pension.

• Savings of 637,935 pesos – 2,698 pesos of pension.

• Savings of 759,250 pesos – 3,211 pesos of pension.

• Savings of 1,388,441 pesos – 5,872 pesos of pension.

• Savings of 2,017,633 pesos – 8,533 pesos of pension.

• Savings of 3’174,232 pesos – 13,425 pesos of pension.

To increase the amount of your pension, Consar recommends that you add more money to your Afore. The Commission suggests that you regularly increase the figure by making voluntary or extra deposits to your account. With the additional amount you save, you can even receive as a pension amounts that allow you to cover your expenses and even save.

More information in our Retirement section.