Retirement Savings Account (AFORE): Who Qualifies and What You Get
Learn how formal workers in Mexico can manage their personal investment accounts to secure their financial future after retirement.
This scheme provides a personal investment account designed to help you build and manage savings specifically for your retirement.
Who it's for
This is available to all formal workers who contribute to the social security system (IMSS).
What you get
You receive a personal investment account, known as an AFORE, which holds your retirement savings and manages them to help grow your funds over time.
What it costs you
There is no upfront cost to open an account, but a small management fee is deducted from your total balance to cover the cost of handling your investments.
The catch to know
Many workers do not actively choose their own provider. If you do not select a specific account, you may be assigned to one that charges higher management fees, which can reduce your total savings in the long run.
How to apply
- Verify your employment status with your employer.
- Research different providers to compare their management fees.
- Select your preferred provider and complete the registration.
- Monitor your balance and fees through the official portal.