Voluntary Retirement Contributions: Who Qualifies and What You Get
Learn how to make voluntary contributions to your AFORE to build your savings and reduce your tax burden.
This scheme allows you to add extra money to your existing retirement savings to help increase your future funds and strengthen your long-term financial security.
Who it's for
This opportunity is available to any worker who holds an AFORE account. If you have a retirement account through the system, you are eligible to make these additional payments to bolster your savings beyond what is automatically deducted from your income.
What you get
The primary benefit is the ability to build a larger pool of savings for your retirement years. By contributing extra funds, you increase the total amount of money held in your account. Additionally, these contributions are tax-deductible. This means that the money you choose to put toward your retirement can help reduce your overall tax burden, providing a financial benefit during your current working years while simultaneously preparing you for your later life.
What it costs you
The cost to participate is the money you choose to transfer from your personal bank account. You are responsible for the direct transfer of these funds from your own bank to your retirement account, so you must decide on an amount that fits within your current budget.
The catch to know
The most important detail to remember is that you must ensure the contribution is specifically marked for tax deduction purposes. If the contribution is processed without this specific designation, you may not be able to claim it as a tax deduction when you file your taxes, even though the money was added to your retirement fund.
How to apply
- Confirm that you have an active AFORE account.
- Arrange a direct transfer from your personal bank account to your account.
- Verify that the transaction is correctly designated for tax deduction purposes.
- Visit the official portal for more information: https://www.gob.mx/consar