I WANT A DECENT RETIREMENT!

WHAT IS YOUR PLAN FOR THE RETIREMENT?

It is obvious that the subject of retirement is of interest to those who are approaching the respective age; however, given that young people will be retiring with their individualized Afore accounts, it is very important to pay special attention to this matter from the beginning of their working life.

Much can be written on this topic, but for this columnist there are five basic questions that we should all ask ourselves and that start a good planning of what will be the daily livelihood of old age in the future. I share them.

1.- What is my retirement coverage? It would be necessary to answer based on two perspectives: the amount accessible through official institutions (Afore, IMSS, ISSSTE, etc.) and also the patrimony or personal wealth with which one counts.

There are factors that will be involved, such as the time quoted or the fact of being an independent professional and not having a retirement base. It is to propose a hypothetical scenario of how much money is available to stop working or survive with a minimum income.

2.- What is my retirement perspective? Here it is basic to consider the expected age, the socioeconomic level that you want to have or the dreams that you want to fulfill. This reference point gives us a necessary resource based on how we imagine life in the third age.

3.- Are the estimated amounts enough? Having the two points of reference: “what I have and what I want”, it is possible to verify the complementary savings required to reach the goal.

At that time, it is feasible to play with scenarios. For some it will mean tremendous problems, while for others it would be a relief. This is a fundamental part of the diagnosis.

4.- Am I doing the right thing with my retirement planning? The proposal is to first verify if we are doing the right thing with our current decisions, such as determining if it is the best Afore in terms of obtaining the highest net returns or if the resolution is to process retirement through the IMSS. Also define if the assets are invested in the options with the highest profitability.

5.- What is my complementary savings goal? Finally, you have to look ahead and determine the strategy for the remaining years, be they 25, 10 or 5. That is, establish financial commitments to reach the established goal.