A decent retirement is becoming increasingly difficult for Mexicans

According to the Global Attitudes and Benefits Survey 2024, prepared by risk management firm WTW, one-fifth of employees plan to retire at age 66 or older, while 86% admit to saving less than they think they should currently.

This percentage is higher than in the surveys conducted in 2022 and 2019, with 80% and 76%, respectively. This means that confidence in the ability to live comfortably during retirement has decreased.

The survey indicates that women under 40 and those with lower salaries are among the population with the least confidence about retirement.

“There is a strong link between short-term financial concerns and retirement readiness. Only 33% of employees think they are on track for retirement, saving more than 8% of their income; 34% think they are not on track for retirement and are saving 8% or less for retirement,” the report says.

For 55% of employees, their employer’s retirement plan is very important, while for 50% it is the main way they save for retirement.

In Mexico, the retirement age is 65, according to official data.

Retirement refers to the moment when a person concludes his or her work cycle, either due to age or the number of years worked. This population group can access a retirement pension.

Retirement is the administrative act by which an active worker, whether self-employed or employed, becomes passive or inactive after reaching the maximum age, or due to serious chronic illness or disability.

According to WTW, 37% of employees are women and 32% are men.

“Employees prioritize the following aspects in their retirement plan: advice on how to invest their retirement savings (40%); security that their money will last in retirement (36%); learning how to protect their retirement savings (so that they do not lose value (35%); and access to emergency savings (29%),” the survey indicates.