One of the most frequent concerns among Peruvian workers is planning for their retirement and financial security. For many, the goal is to reach a monthly pension of 1,000 soles, which, although minimal, allows them to maintain their standard of living after leaving work. In this sense, the important question arises: how much to save in this AFP To achieve this goal? Below, we outline what you need to know.
How much should I save in my AFP to get a pension of 1000 cals?
President Peruvian Association of Insurance Companies (Apeseg), Eduardo Morón, has highlighted the importance of financial planning to achieve a retirement that provides economic stability to people. According to Morone, it is essential to have a savings goal in this process, and points out that accumulating S/180,000 is necessary to receive a monthly pension of S/1000 from the age of 65 until death.
One of Morone’s recommendations is to use an annuity financing tool that involves transferring resources to an insurance company. This option allows you to get life finance without the complications that may occur with other alternatives.
Abesekin’s leader stresses the importance of creating a “specific income tier” as a first step, which will fund essential expenses. Then, consider other options that are obviously attractive, but have risky returns.
Morone also mentions the idea of buying an apartment to generate rental income, but warns of the risks of tenants not paying and possible periods without income.
Finally, the president of Apeseg recommends the discipline of monthly savings, setting aside at least 10% of income. This habit can be enhanced as working conditions allow a higher percentage of savings, thus guaranteeing greater financial security for the future.
How do I know how much is in my retirement fund?
It should be taken into account that each AFP at national level has a total record of all contributions, which can be viewed on the website or app of AFP Integra, Prima, Habitat and ProFuturo.
- AFP Integra: If you are a link of this administrator, you can enter the following link: www.afpintegra.pe/iniciar-session.
- Press AFP: Enter the following page we put below: http://www.prima.com.pe/wcm/portal/PrimaAFP/inicio Enter your ID number and password in “My Account”.
- AFP habitat: You must enter to review account status in this AFP www.afphabitat.com.pe/mi-cuenta.
- Profuturo AFP: If you are a joiner of this AFP, you can enter https://enlinea.profuturo.com.pe/zonaprivada/login View your account statement.
According to SBS, how do I know which AFP I belong to?
As confirmed in some sites, to query which AFP belongs to, it should be done as follows:
- Go to “Register” option SBS Online Services.
- It will ask for your ID number and email. In order to successfully complete your registration, we recommend that you have your identification document handy.
- After registration, choose the option “Pension Status Report” and that’s it. This way you will know which AFP you are in.
If you are a foreigner, click on the relevant option that appears in point 3.
What is the difference between AFP and ONP?
The choice between the Pension Fund Administrator (AFP) and the Office of Pension Normalization (ONP) system involves a series of important financial decisions that directly affect workers’ economic futures during retirement.
In the AFP scheme, the amount of pension one receives is strongly influenced by two basic factors: the amount of savings accumulated throughout one’s working life and the returns generated by investments. In this system, the individual is responsible for managing their contributions and making strategic decisions about how to invest their funds.
On the other hand, the ONP model takes a different approach. Here, workers’ contributions are added to a common fund that serves as a source of pension for multiple beneficiaries. However, one important feature distinguishes this program from AFPs: in ONP, individual contributions do not generate profits. This means that regardless of the amount accumulated in the fund, no additional increase is generated through investments.
A significant difference in profit generation directly affects the amount of pensions workers can expect. Those who opt for AFP have the opportunity to optimize their savings and promote financial growth through smart investment decisions. On the other hand, those opting for ONP should consider that their pension will be determined by the amount contributed, without the added factor of investment performance.
Ultimately, choosing between AFP and ONP involves careful evaluation of retirement goals, investment ability, and risk tolerance. Workers should consider these important factors when making decisions about their long-term financial security.