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joshua2004
Joined: 26 Sep 2004
Posts: 68
Location: Torr�on, Coahuila, Mexico
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 Posted: Tue Nov 29, 2005 11:06 pm Post subject: Retirement Options |
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This was a thread in the General Discussion forum which I am starting here. I wanted to know what are our best options for saving and retirement planning here in Mexico.
My basic plan is to dump all the extra money I can into my afore. I am with GNP right now, and I asked them about contributing extra since the interest rate is at 9.67%. They said I could contribute into a sub fund at the same interest rate! Therefor the plan is to use that as my retirement fund. Anywhere I work in the world I would just wire money into my Mexican afore since it never dissappears.
Sounds good in theory? |
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MELEE
Joined: 22 Jan 2003
Posts: 2583
Location: The Mexican Hinterland
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| Posted: Tue Nov 29, 2005 11:19 pm Post subject: |
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| I don't know if its a good idea or not, but you can now check which AFORE is best for you based on age and salary by going to www.consar.gob.mx and using their AFORE calculator. |
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Guy Courchesne
Joined: 10 Mar 2003
Posts: 9650
Location: Mexico City
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| Posted: Wed Nov 30, 2005 2:12 am Post subject: |
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| Is that a fixed rate? The consensus around Bananamex is that rates are going to keep coming down, even through and past the elections. |
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delacosta
Joined: 14 Apr 2004
Posts: 325
Location: zipolte beach
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| Posted: Wed Nov 30, 2005 3:06 pm Post subject: |
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Now really, does anyone honestly believe that there is going to be any Afore money left? Sorry but there is no way that amount of cash is not going to be raided at some point, if not already. It's just too big of a temptaition for a Mexican politician not to. Oh look! There's no money!
Pension raiding is problematic in the first world, never mind here. |
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Guy Courchesne
Joined: 10 Mar 2003
Posts: 9650
Location: Mexico City
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| Posted: Wed Nov 30, 2005 3:26 pm Post subject: |
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| Quote: |
| Pension raiding is problematic in the first world, never mind here. |
Yeah, that is/was a problem in Canada too, particularly the Employment Insurance fund. Private investment should (hopefully) be safer in Mexico? My wife and I have been thinking about this for a long time, so Joshua, I'd be interested in hearing about your experience.
BTW congrats Delacosta! |
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thelmadatter
Joined: 31 Mar 2003
Posts: 1212
Location: in el Distrito Federal x fin!
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| Posted: Wed Nov 30, 2005 5:46 pm Post subject: retirement |
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Yeah I dont trust Afore or Social Security... If I happen to be wrong on either count -- great! My job puts money into Afore for me (what I have in SS in the States is a pittance anyway - dang being a SAHM!), so I cant do anything about that (I don't think). I heard however that if I leave Mexico I can take that money with me - Id like to see if that turns out!
I have my own savings... as for the rest, when Im 65 - we will just have to see what happens! |
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