Can I withdraw money from my Afore? Types of withdrawals allowed
Can I withdraw money from my Afore? In today's text you will find out in which situations it is allowed to withdraw these resources! Check it out!
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The Afore (Retirement Fund Administrator) is an institution responsible for managing retirement savings in Mexico.
Throughout their working life, workers make contributions through the Retirement Savings System (SAR) with the aim of having a fund that allows them to ensure their economic support when they reach retirement age.
However, there are circumstances in which a worker may need to withdraw some of his or her money before meeting the requirements to access his or her pension.
Next, we will explore the types of withdrawals allowed by the Afore, ensuring that the information presented is up to date.
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Can I withdraw money from my Afore? Types of withdrawals allowed
See below the cases in which it is permitted to withdraw financial resources from the Afore.
1. Unemployment withdrawal
Unemployed workers can make a partial withdrawal of the funds accumulated in their Afore.
To apply for this withdrawal, it is necessary to have contributed for at least 3 consecutive years and not have made a withdrawal due to marriage in the last 5 years.
The withdrawal amount will depend on the accumulated salaries and the number of weeks worked.
2. Retirement due to marriage
If you plan to get married, you can request a withdrawal from the Afore. To access this withdrawal, you must have at least 150 weeks of contributions and not have gotten married in the last 5 years.
The maximum amount allowed for this type of withdrawal is equivalent to 30 days of the current general minimum wage.
3. Can I withdraw money from my Afore? Partial withdrawal due to retirement
If you meet the requirements to obtain a retirement pension, but you do not want to leave your job, You can make a partial withdrawal from your Afore.
The maximum amount allowed will depend on the table of values published by the National Commission of the Retirement Savings System (Consar).
It is important to mention that this type of withdrawal does not affect the right to receive a pension in the future.
4. Total withdrawal for retirement
Once you reach the age and contribution weeks required to access a retirement pension, you have the right to make a full withdrawal of your accumulated resources in the Afore.
The amount to be withdrawn will depend on the salary and weeks of contributions during your working life.
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Can I withdraw money from my Afore? Procedure to request a withdrawal from the Afore
If you wish to request a withdrawal from your Afore, you must follow these steps:
Step 1: Gather the required documentation
To complete the procedure, you will need to have on hand your official identification (INE or passport), social security number, Afore account statement, proof of sick leave or marriage certificate, as applicable.
Step 2: Go to your Afore branch
Go to your nearest Afore branch to make the withdrawal request.
Some Afores also offer the possibility of completing the procedure online through their official website.
Step 3: . Submit the documentation and fill out the forms
Submit the required documentation and fill out the necessary forms to request the withdrawal. Make sure to provide all the correct and complete information.
Step 4: Wait for the resolution
Once the application has been submitted, the Afore must evaluate it and notify you of its decision within a certain period of time. You can check the status of your application through your Afore's online portal.
Step 5: Receive your money
If the application is approved, the Afore will transfer the money to the bank account you previously provided.
The time it takes for the money to arrive may vary depending on each financial institution.
Conclusions on permitted withdrawals from the Afore
The Afore offers flexible options for withdrawing resources accumulated during working life.
It is important to note that each type of withdrawal is subject to specific requirements, which must be met to access them.
When considering making a withdrawal from the Afore, it is advisable to seek appropriate advice and consult with experts on the subject to make informed decisions.
It is important to remember that the Afore is designed to ensure economic well-being during the retirement stage, so it is recommended to use withdrawals as a financing option in extreme cases and not as a recurring source of income.
Remember that the resources accumulated in your Afore are a long-term investment designed to secure your future.
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