Understanding Marriage and AFORE Withdrawals
Every year, thousands of people say “I do” to get married. In 2023 alone, nearly 502 million weddings were registered according to the latest figures from Mexico’s National Institute of Statistics and Geography (Inegi). Getting married involves various expenses, from the wedding celebration and honeymoon to rent or home purchases and furniture acquisition, requiring sufficient resources.
One question that arises is whether it’s necessary to withdraw funds from wherever they may be, such as the AFORE (Mexican pension fund). This withdrawal, however, does not reduce the weeks of contribution but affects the amount saved. Moreover, this action can only be taken once.
Eligibility Criteria for Marriage Withdrawal
Here are the criteria to be eligible for this withdrawal:
- Have a minimum of 150 weeks contributed starting from July 1, 1997.
- Not have previously obtained this right, as it can only be done once.
- Be an active insured individual. If you are no longer employed but got married within 90 business days of your IMSS (Instituto Mexicano del Seguro Social) resignation, you can apply for this benefit.
- Have an updated Worker Identification File.
- Possess the IMSS-issued resolution for wedding expense assistance.
Required Documents for Marriage Withdrawal
If you’ve decided to use this right as a worker, ensure you have the following documents:
- Official identification
- Marriage certificate
- Bank account statement with your name and Banking Interbanking Bancaria Key (CLABE)
- Partial withdrawal request for marriage expenses generated on the E-SAR portal
Reintegrating the Withdrawn Funds
Yes, it’s possible and recommended to avoid diminishing your savings due to inflation. Here’s how:
- Apply with your AFORE administrator for resource reintegration.
- The AFORE will review your data and inform you of the amount to be deposited, which tends to be higher due to inflation.
- Decide whether you will reintegrate the full amount or in installments.
- Make the agreed-upon deposit within a maximum of five business days.
Key Questions and Answers
- What is AFORE? AFORE (Ahorro para el Retiro y la Pensión) is Mexico’s mandatory pension system, where both employees and employers contribute to a retirement fund.
- Who can apply for the marriage withdrawal? Eligible individuals must have at least 150 weeks contributed, not have previously claimed this benefit, be an active insured individual, possess an updated Worker Identification File, and have the IMSS-issued resolution for wedding expense assistance.
- Is there a limit on the amount that can be withdrawn? There is no specific limit mentioned, but it’s crucial to consider the impact on your long-term retirement savings.
- Can the withdrawn amount be reintegrated? Yes, as explained earlier, it’s advisable to avoid reducing your savings due to inflation.
This information should help you understand the process and implications of withdrawing funds from your AFORE for marriage expenses. Always consult with a financial advisor to weigh the short-term benefits against potential long-term consequences on your retirement savings.
