Are you a millennial and worried about your future? Learn 3 ways to save for retirement if you are part of the millennial generation. Start planning your retirement.
According to data from the National Commission for the Protection and Defense of Users of Financial Services (Condusef), it is estimated that 50% of workers in Mexico by 2025 will be millennials.
In Mexico, no millennial will retire with a pension, which is an amount that is received monthly by social security.
Likewise, all the people who have started to contribute to the IMSS after 1997, will retire only with the resources accumulated during their working life.
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Due to the above, the National Commission of the Retirement Savings System (Consar) in 2019, warned that millennial workers could receive a pension of $ 2,000.00 MXN.
If you are from this social group and you are concerned about your future, we tell you the best way to save for retirement if you are a millennial .
How to save for retirement if you are a millennial?
•      Be affiliated with an Afore
•      Have an investment fund in a bank
•      Have a voluntary savings in an Afore
Be affiliated with an Afore
If you are registered with the IMSS or ISSSTE for your work, you should know that you have the right to join a retirement fund manager (Afore) as a beneficiary of Infonavit or Fovissste.
The Afore is in charge of deducting an amount from your salary on a monthly basis, which is complemented by employer and government contributions, equivalent to 6.5% of salary.
These resources will be used for the payment of retirement and are managed and invested by the Afore you have hired.
However, this saving will only be enough for you to retire with the equivalent of 30% of the last salary of your working life or replacement rate.
The only alternative you have to live comfortably during retirement is to make constant voluntary contributions to the Afore from the first years of your working life. By doing so you will be raising the replacement rate from 46% to 70%.
If the Afore you hired does not meet your expectations, choose another that suits your needs, taking into account:
•      The returns: the gains obtained by investing your savings.
•      Commissions: the amount charged by the Afore institutions for managing the resources of your account, choose the one with the lowest commission since it is the greatest savings.
•      Services: Afores can manage and invest your resources, send account statements and provide telephone, internet or face-to-face assistance.
As you are entitled to Infonavit or Fovissste, you can use the Balance of the Housing Sub-Account for retirement savings by not applying for a mortgage loan to buy a house .
Have an investment fund in a bank
If you do not want to save through an Afore you can choose the best way to save for retirement, through an investment fund or have your own savings plan.
An investment fund consists of making financial contributions to invest and manage resources in order to acquire better shares for the patrimony. It is carried out among a group of people and is invested jointly to achieve greater investment.
Likewise, to enter your money into an investment fund you must attend the financial institution and the bank will prepare an investment plan for the term based on the conditions, returns and commissions that you choose.
In addition, some institutions allow the investment fund resources to be used without penalties. We recommend that you do not use the money until the moment of retirement.
Have a voluntary savings in an Afore
If you are a freelancer, you also have the option of hiring an Afore and opening an individual account, but you will be solely responsible for entering the resources into the account.
In addition, you only need to deposit voluntary contributions to the individual account, without establishing minimum or maximum amounts, you will do it according to your possibilities.
Voluntary saving in an Afore has the following benefits:
•      Save for retirement and increase the amount you will have when you retire.
•      Achieve short, medium and long term goals.
•      Dispose of the money every two or six months depending on the Afore.
•      Voluntary savings may be tax deductible.
•      You can inherit the assets that you generate and leave the beneficiaries protected.
Make the formal registration to start depositing your voluntary contributions, they can do it through domiciliation , convenience stores, window, internet or via cell phone.
Finally, the resources of your voluntary savings are protected by the National Commission of the Retirement System (Consar).

Before choosing the best way to save for retirement, it's important to envision your future. We advise you to increase your pension savings from y