Every year, millions of people begin to process their pension, after having accumulated savings in their Afore account; however, there are various ways to retire such as life annuity.
In this regard, we will make known the advantages and disadvantages of this type of pension, as well as the insurers involved, that is, those with which the worker can take out a life annuity.
First of all, it should be remembered that the Retirement Fund Managers (Afore) are responsible for safeguarding the resources of workers throughout their working lives and when they reach retirement age, the resources are delivered in the form of a pension or in a single exhibition.
But what is the life annuity modality? This is the pension where a worker affiliated with the Mexican Social Security Institute (IMSS) chooses an insurance company to receive their resources through it.
In this way, the retiree authorizes to transfer to the insurance company the accumulated balance in the individual account managed by his Afore for the payment of pension.
According to IMSS, the insurers where you can take out a life annuity are: Profuturo, Banorte, BBVA Bancomer and Sura.
What are the advantages of this modality?
* The pensioner will have a fixed income throughout his life, that is, from the moment of the contract until death.
*It will prevent the retiree from running out of his resources early.
*If the worker has legal beneficiaries, they will also receive a pension.
*It has special coverage to deal with inflation.
What are its disadvantages?
*The monthly amount you receive will be adjusted based on your accumulated savings.
*The calculation will also depend on how many years you can live.
*Once you choose this modality, you will not be able to change your decision.
*If there is a severe crisis that impacts the insurer, then there is a risk that it may default on payments.
*If the insurer will lose the money, for example, on investments, it would also affect and may not meet the payment.
Broadly speaking, persons who wish to contract with an insurer will receive the resources safeguarded and accumulated in the individual account of their Afore and are obliged to pay the pension periodically during the life of the pensioner.
To request this modality, the interested party must go to the IMSS Sub-Delegation and start the procedure. Subsequently, the institute must issue a document with relevant information in order to choose the insurer of your choice.
Once you select the insurance company of your choice, the IMSS will have to fill out the application. Finally, the interested party must go to the insurance company they selected to start with the corresponding payment.
It should be recalled that the National Commission of the Retirement System (Consar) reiterated that with the recent changes in the pension reform, it will seek to improve the quality of life of older adults who are subject to the pension system of the Social Security Act (LSS).
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