Friday, December 1, 2023

What is Afore children and how to open an account?

Did you know you have a child? As for adults, if they reach retirement throughout their working lives and receive a pension, minors can also open an Afore account where they can keep their coins and bills to prepare for the future. We tell you how to open an account.

How does Afore work for children?

As we know, Afores not only helps adults save their money when they turn 65 or older, but they also grow it through “yields,” savings rewards. If children can save longer and leave their money, it will grow, and they will have it when they need it.

How do women and men begin to meet?

You can start meeting with the children of Afore. This is an additional account controlled by mom or dad where children can perform voluntary contributions, which they will return over time until they turn 18 years old.

The advantage of this storage is that it is invested to make a profit. So, when they start their working lives, the resources accumulated in their Aforechildren account will be transferred to their account. and will continue to grow.

Another advantage is that you can register or open an Afore account for more than one person. For example, if the minor has multiple sisters or brothers, parents can open an account for each of them from their

How do I open an Afore Children account?

Fathers play a very important role because they will open the first account where your children start depositing money, even though the account owner is a minor. They act only as legal representatives until the boy or girl turns 18 years old. The documents required from the minor to open it are:

  • Birth certificate
  • Official identification of one of the parents or guardians
  • Document proving your guardianship, if applicable.

The money they deposit will be invested in a SAV3 voluntary savings subaccount, and they can use it whenever they want; they just need permission from their parents or guardians to withdraw.

According to the National Commission of the Retirement Savings System (Consar), they can now implement their contribution of one or 50 pesos at the window, through direct debit, or at a convenience store.

The money they keep in their In front of the children It’s not for you to use right now; that’s all so that parents can help and prepare for their economic future, and when they grow up and decide to stop working, they can withdraw that money.

World Nation News Desk
World Nation News Desk
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