Introduction
Grocery shopping can be a challenge for our finances. Apart from buying food and essential items at relatively high prices, it’s common to add items to the cart that we may never use. What if, instead of those unnecessary expenses, you contributed to your retirement savings? Remember, small contributions can add up over time.
Understanding Voluntary Retirement Savings
Voluntary retirement savings are crucial for enhancing workers’ pensions, potentially increasing them by up to 100%. According to BBVA, complementing your mandatory retirement savings can make a significant difference, especially if you have a low contribution or no Afore (Mexican retirement account) account yet.
Current State of Voluntary Retirement Savings
Although voluntary contributions to Afore accounts have seen rapid growth, the number of accounts and the total amount they hold remains low. In the past year (June 2024 to June 2025), these contributions surged by 28%, totaling approximately 281.277 million pesos, which is only 3.7% of the amount held by Afores, according to data from the National Commission for the Savings System for Retirement (Consar).
Currently, there are only around 11 million accounts with voluntary savings (between IMSS and ISSSTE) compared to nearly 69 million accounts in the Retirement Savings System (SAR).
Ways to Boost Your Voluntary Retirement Savings
The good news is that there are various methods to increase your savings without straining your budget. One such method involves visiting any of the thousands of establishments offering the “commercial partner” option. You can deposit amounts ranging from 50 to 10,000 pesos without any commission, using only your Clave Única de Registro de Población (CURP).
- Participating stores include Walmart, Chedraui, Sam’s Club, Bodega Aurrera, Farmacias del Ahorro, and 7 Eleven.
Step-by-step Guide to Saving While Grocery Shopping
Here’s how to incorporate voluntary retirement savings into your grocery shopping routine:
- Inform the cashier that you wish to save in your Afore.
- The cashier will select the appropriate option.
- Provide your CURP or phone number and verify the details.
- Complete the desired deposit.
- Receive and keep the proof of your contribution.
Benefits of Voluntary Retirement Savings
Did you know that voluntary retirement savings can significantly increase your pension? According to Consar, a woman starting her career today with a monthly salary of 21,538 pesos, planning to retire at 65, would receive a pension of 10,865 pesos without voluntary savings. However, with voluntary savings, her pension could reach 21,538 pesos.
Similarly, a man with the same monthly salary, 25 years of service, and planning to retire at 65 would receive a pension of 11,415 pesos without voluntary savings. With such savings, his pension could also reach 21,538 pesos.
Moreover, the voluntary savings you make in your Afore account can qualify for tax benefits (tax deductions) if included in your annual declaration, provided you maintain the savings until age 65.
