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AFORE (R.C.V.) / Retirement

 
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Fitzgerald



Joined: 10 Aug 2010
Posts: 55

PostPosted: Mon Dec 31, 2012 10:57 pm    Post subject: AFORE (R.C.V.) / Retirement Reply with quote

Hello all!

I have been teaching at a private Mexican university for two years on a renewable yearly contract. Everything is going well. I will complete my second year in July 2013.

I was just turning 53 as I started the job. I know from my paychecks that the university pays into IMSS (health), AFORE (INFONAVIT) (housing), and AFORE (R.C.V.) (retirement) for me.

Suppose just for the sake of argument, that I worked until age 65 at this university, which would make a total of 12 years of employment. I know I would not be entitled to an AFORE (R.C.V.) pension benefit, since I wouldn't have worked the necessary 24 1/2 years, nor the university's own pension benefit, since I'm not in that system. Would I be entitled to the amount that had been paid into AFORE (R.C.V.) as a lump-sum pay-out, however?

I am assuming that retirement would be mandatory at age 65, and I doubt that I would want to work beyond that age, anyway. But do some international employees work beyond it? Full-time or part-time?

Thanks in advance for everyone's knowledge! The university itself is not always clear or helpful with such questions, although at least they always pay me on time.
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notamiss



Joined: 20 Jun 2007
Posts: 848
Location: El 5o pino del DF

PostPosted: Tue Jan 01, 2013 9:04 pm    Post subject: Reply with quote

To answer one of your points, things are changing, but its not traditional in Mexico for retirement to be based on age, but rather on years of service. So your assumption of retirement at age 65 might not apply. As far as I know, there is no particular expectation of retirement associated with 65 or any other age.
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Dragonlady



Joined: 10 May 2004
Posts: 713
Location: Chillinfernow, Canada

PostPosted: Thu Jan 03, 2013 4:59 am    Post subject: Reply with quote

wrote:
To answer one of your points, things are changing, but its not traditional in Mexico for retirement to be based on age, but rather on years of service. So your assumption of retirement at age 65 might not apply. As far as I know, there is no particular expectation of retirement associated with 65 or any other age.

To the OP, retirement does exist for teachers in Mexico... it's called death. Wink

DL
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MotherF



Joined: 07 Jun 2010
Posts: 1082
Location: 1748'N 9746'W

PostPosted: Thu Jan 03, 2013 11:50 pm    Post subject: Reply with quote

Yes, you will be able to get your money from the AFORE any time after 60 I believe. I'm not sure if you will get a lump sum or payments, expect taxes and fees to be deducted from it. I know a few foreigners who have gotten their money, it takes at least 6 weeks and many trips to various offices. You should make sure that you are registered in an AFORE with a bank, its not just your employer withholding they money and you do nothing, you have to choose an AFORE to manage your fund for you. When you talk to a bank representative make sure they know the procedure for a foreigner to withdraw their money at retirement, if they don't, or don't get it for you, look somewhere else.

There was also just a reform in the law that will allow you to get your INFONAVIT part back too, that's new, it used to be use it for a house or forget about it.

http://www.cnnexpansion.com/mi-dinero/2012/09/07/infonavit-acelera-devolucion-a-jubilados
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