Everything you need to know about the IMSS pension types

Image result for pensionThere comes a time in life where it is time to retire, after a long career it is time to rest and enjoy the retreat, but how can I do it? I need to work to generate money and if I stop doing it I will be left without my livelihood.

Well for that there are the IMSS pensions. These pensions are granted to workers who have reached a certain age and can no longer work, but not only that, they are also granted in the case of work accidents that incapacitates the worker to continue with their employment.

Also when the worker develops an illness caused in some way by exercising his profession. Or in the event of the death of the worker, it is granted to his family.

Pensions are benefits that are designed to take care of the economic well-being of workers and their families. And these are given to workers who work in places that are affiliated with Social Security, which by law are all.

In order to qualify for them, certain requirements have to be met, depending on the type of pension, some are for old age and others for accidents that may have occurred while carrying out the work. But all have a common goal, to provide an economic remuneration for the benefit of workers.

Pensions are benefits provided by social insurance in case the worker can no longer perform their duties and are law.

With them the employees can have a financial support to cover their needs and not have the worry that they can continue to receive a salary.

This is very good since many times things happen that prevent the follow-up of the work, or simply that the worker has reached an age in which his performance may not be the same and it is time for the labor retirement to take place.

The objective of this article is to explain which types of pensions are granted by the IMSS, how to qualify them and what are the advantages they could have in the life of a worker.

In the case of accidents is unfortunate, but the good thing is that you are not alone or you are left homeless, pensions will help you to get ahead.

It is also important to mention that the type of pension varies according to the moment in which the worker began to be listed in the Social Security, there was a change in the Law and in the requirements to apply for the pension, which came when the Social Security Law current was the 1973 have a different model of pension to those who began to quote when the Social Security Act of 1997, these changes affect especially the IMSS pension for unemployment at advanced age or old age.

The other types of pension continue to function in the same way, under the statutes of the Social Security Act of 1973..

 

Image result for pension

The pensions granted by the IMSS are the following:

– IMSS tension due to unemployment in old age or old age.

This can be considered as the pension that allows retirement or retirement. The main requirement is that the worker has reached a certain age, which can range from 60 to 65 years. This type of pension is subdivided into workers who began to contribute under the mantle of the 1972 IMSS Law and what is now under the current Law of 1997.

In this pension there are two items in which you can qualify.

1. Unemployment in advanced age, which is when the insured is deprived of paid work as of sixty years of age.

2. Old age, which is when the insured is deprived of paid work as of sixty-five years of age.

Below we present a comparative table that explains the operation and characteristics of the two.

Social Security Act of 1973

Social Security Act of 1997

The pension is integrated based on the listed weeks, SBC of the last 5 years and the age of the insured.

 

In the case of the Unemployment pension in advanced age, the percentages that determine the amount of the pension are:

 

Age-Percentage of pension amount

60-75%

61-80%

62-85%

63-90%

64-95%

 

Pension for old age integrates the following percentages

 

Age-Percentage of pension amount

65-100%

ON Pensi is supported by the Retirement Funds Administrators (Afores) or a previously selected Aseguradora and rights will have to choose between two options:

 

Annuity

 

It is the contract agreed between an insurer and the applicant, where the amount of the monthly installment is determined in life form.

These payments will be adjusted to n y ear with a acurdo not of NCPI.

 

For the calculation of the amount c to the amount previously derived Survivorship Insurance is deducted in favor of the beneficiaries. The survival insurance is used to grant a pension to the beneficiaries of the worker in case of death.

 

Programmed Withdrawal

 

In this modality, the funds are not transferred to an insurer and remain the property of the person   under the administration of the Afore.

 

Came calculation for programmed retirement in the first instance be covered payment   Survival insurance for economic dependents, subsequently   c calculation of the amount to annual withdrawal is made, with the same equivalent to the amount resulting from dividing the account balance between unifying factor annuity. The monthly payment corresponds to the twelfth part of the annual retirement.

 

In the programmed withdrawal, the sums or amounts of the sub-account are updated based on the yield generated during the period minus the commission that the Afore pays.

You can apply for a three-month pension with no interest rate.

There are no loans.

You must have a minimum of 500 weeks of IMSS contribution.

From 1250 weeks of IMSS quote

The bonus is equivalent to one month of pension.

There is no bonus.

In case of death, an orphan’s and / or widow’s pension can be counted.

 

 

In case of Programmed Withdrawal. if the pensioner dies the remaining funds may be inherited from the beneficiary.

  

In the case of Life Annuity, the beneficiaries acquire a pension from the insured as long as they meet the established criteria.

There will be medical service and access to recreational and sports facilities of the Mexican Institute of Social Security.

 

 

 

 

-IMSS stress for work risk.

This type of pension protects workers from the risk that their work may have, and provides financial support in case of having an accident or contracting a disease that could be caused by their work.

Also, if the worker dies for any of these reasons, the beneficiaries will be granted one of the following pensions.

Type of pension

Amount of pension

IMSS pension for widowhood

90% Of the disability pension.

Orphan’s pension IMSS

20% of the disability pension.

IMSS Pension for Ascendants

N / A

 

** Source: IMSS Pensions

-IMSS stress due to illness.

These are granted to workers who, in compliance with their work, developed a disease or pathology that is considered within the Federal Labor Law.

-Permanent IMSS-disability.

In the Social Security law, disability is considered when the insured is in a physical or mental state which prevents him from having a job with remuneration equal to or greater than 50% of the activity he performed during the last year of work, provided that when that impossibility is caused by a non-professional illness or accident.

A legal doctor belonging to the Mexican Social Security Institute is in charge of determining the state of disability of the insured.

The types of disability stipulated in the Social Security Law are:

1. Partial Disability: When the insured is in the possibility of returning to work life

2. Definitive invalidity When the insured has a condition that is extended indefinitely and in such a way that it makes it impossible to return to his work life

-IMSS tension for widowhood.

This is granted to the beneficiaries in case the worker or pensioner dies and according to the Social Security Law will be granted from the death of the worker, regardless of the cause or circumstances of the death.

– IMSS Orphan

In the Social Security Law, the IMSS Orphanage pension will be entitled to receive an orphan’s pension for each of the children under the age of sixteen, when the father or mother dies and any of them would have had the character of insured, and prove they have before the Institute a minimum of one hundred and fifty weekly contributions or having had the status of pensioners due to disability

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3 methods to settle debts quickly

The end of the month is approaching and with it the payments for services, cards and some monthly payments for your holiday purchases. If it was time to face all those debts that you postponed or could not pay at the time, and do not know how we share the following methods to settle them once and for all:  

# 1 Totalero method

It consists in liquidating at the end of the month all the debts or credits that you have acquired. This method is ideal to settle the debts of credit cards or personal credits that you have, since this way you avoid generating interest for non-payment. Perhaps it is one of the most difficult methods to follow, since you must allocate a good part of your income to the payment of debts, and cut off all those unnecessary expenses or that you can do without.

Tip: Keep a check or record of your expenses, whether you do it every fifteen days or per month, the purpose is to learn what expenses are recurring and which ones you can avoid. Also, a rule is to not get into debt for more than 30% of your income.

# 2 Agreement method

If you have a loan and you have not paid for it for a while or you do not have the possibility to settle it but you are willing to look for alternatives to pay off the debt, you should know that the banking and financial institutions are willing to renegotiate the debt in order to find options to compensate the debt to them- Chetangole chetangole.com/blog/2009/08/how-firefox-earns-money-the-earning-secrets-of-firefox useful link. Some ways in which you can renegotiate are to pay a lower monthly payment and thus settle your debt in a long time or, request the withdrawal, here you will reach an agreement to settle a certain amount of the debt according to your possibilities.

Important: This method is perhaps one of the most dangerous, because if you stop paying or get an agreement to pay less than you really should, your credit history is stained and before any bank or financial institution you are a bad prospect. If you come to request another credit, it is safest to reject your request.

# 3 Priority method

This method focuses on prioritizing the debts you have according to factors such as the interest they charge, the term and the amount to be paid. If you opt for this method, this is how you should rank your debts:

  1. More expensive debts. That is, those that generate more interest if you stop paying them or if you fall behind a few days in the payment. Prevent the debt from increasing.

  2. Debts of the greater amount per month. They will be those debts that represent a greater expense or outlay of money.

  3. More flexible debts. Will be all those debts that do not generate interest for not paying on time or that they charge a low rate, those that do not involve a large outlay of money or have a longer time to settle them.

When acquiring a debt, make sure you can cover it in a timely manner, and know the consequences of not paying.

How to rebuild your credit after bankruptcy

Do you want to know the truth? Debt problems are coming. It’s important to remember when building your finances, assets, and credit, that saving enough money to avoid serious debt problems should be considered a top priority. Again, sometimes situations push people to the steep slope of bankruptcy. Their debts become too important to be managed and they have exhausted all other options (consumer proposal, debt consolidation loan, debt management program, etc.). Thus, they call on a licensed insolvency trustee and begin a long and expensive trip to rebuilding their credit. So, how to rebuild your credit after being released from bankruptcy?

What is bankruptcy?

In Canada, personal bankruptcy is a legally binding process, governed by a federal law known as the Bankruptcy and Insolvency Act. This law was put in place in 1992 by the federal government as a relief for both heavily indebted individuals and their creditors. To be eligible for personal bankruptcy, a debtor must have lived or worked in Canada for at least one year, owe at least $ 1,000 and be deemed “insolvent” (not be able to pay off debts in a timely manner). It should be noted here that only unsecured debts (credit card debts, personal loans, income taxes, etc.) will be covered by personal bankruptcy- 🚍 chapter 13 bankruptcy dismissed ~. Guaranteed debts, such as mortgage payments and car loans, will not be covered either.

As mentioned in some of our previous articles, bankruptcy should only be used as a last resort, because of the damage it can cause to someone’s finances and credit. However, once a debtor has actually gone through all the other possibilities and decides that personal bankruptcy is the only option, here is how it works.

How does bankruptcy work?

The process begins with the hiring of an insolvency trustee by the debtor. This is a professional trained to file consumer proposals and bankruptcies. The first consultation the debtor must make when selecting an insolvency trustee should be free. However, this debtor must be aware that bankruptcy eliminates unsecured debts, but that the process is certainly not free. He must ensure that he has enough money to pay the insolvency trustee for his services, as well as any other legal fees that may arise. Then, once the trustee has been hired, and both parties have determined that bankruptcy is the only plausible choice, the process can be initiated. First, unsecured lenders will be contacted and all actions against the debtor, such as the seizure of pay, will cease. The trustee will provide these lenders with all required information and legal documents and will file any outstanding income tax returns that the debtor may also hold until the date on which the bankruptcy is declared.

During this period, some of the debtor’s secured assets, including his home, car, and RRSP (except Alberta), etc. can be seized as collateral to satisfy the creditors, according to what is due. If this is the debtor’s first bankruptcy and he has no surplus income (if a debtor’s household income exceeds the government limit), his record should be released after nine months. However, if his surplus income is sufficient, the court may decide to extend the bankruptcy to 21 months. If it is the second bankruptcy, the release could even be extended to 24 months (36 months if the debtor has surplus income). If the debtor fails to discharge his or her bankruptcy obligations by not paying legal fees, not surrendering assets or omitting the two required counseling sessions, etc., he or she will not be eligible for release. on time.

Rebuild your credit after bankruptcy

Keep in mind that your finances and assets are not the only things that will be affected after a personal bankruptcy declaration. Your credit will also be damaged. If this is your first bankruptcy, the information will remain in your credit file for a minimum of 6 years after the date of your release. If it’s your second or third bankruptcy, it can take up to 14 years, but the delays may vary depending on the province or territory where you live. Once your credit has reached this threshold, whenever lenders will review your credit report, they will be able to see the bankruptcy notice, which is a warning sign that you have trouble managing your money. This can lead lenders to reject your requests for new credits. However, there are private lenders who will work with bad credit borrowers. On the other hand, their interest charges will be much higher than those of a traditional lender such as a bank.

So, once your bankruptcy is fully discharged, you can start working to rebuild your credit and gradually improve your damaged credit rating. It will take time and effort, but it is possible.

Pay all your bills on time and in full – This is a point we can not stress enough, not only for those facing bankruptcy but to prevent bankruptcy- prev bankruptcyhq.com/ BKHQ. It is very important to process your bills in a timely manner, paying them in full whenever possible. This means all utility bills, cell phone bills, cable bills, etc. With credit card bills, make at least the minimum monthly payment. Although most service invoices do not appear in your credit report, some cell phone companies report your payments to Canada’s two credit bureaus, so responsible bill payments will always be in your favor. However, if you do not pay utility bills for months and the business you are dealing with engages a collection agent, the credit bureaus may be notified and your credit may be damaged.

Get a copy of your credit report- Again, this is something you should do at least once a year, regardless of your financial situation. You can request a free copy of your credit report from any of Canada’s credit bureaus, Equifax or TransUnion. Once you have it, review the errors, dispute them and make sure all other information is accurate and up-to-date.

Ask for a credit card guarantee- Nowadays, credit cards may be needed. However, bankruptcy and bad credit will certainly impact your ability to retain your current unsecured credit cards and be approved for new cards. So, consider getting a secured credit card. These cards are often advertised for people with bad credit and will require a deposit of $ 200-500, in the event that the borrower is in default. Once you start managing your collateral card responsibly, your credit rating should improve little by little. Keep in mind, once you have it, that it’s best to stick to one card warranty. Do not apply to too many cards at once and do not exceed your credit limit.

Save more, spend less – Budgeting is an important part of everyone’s financial future and a practice you should undertake immediately after going bankrupt. Start not reduce unnecessary expenses. Get a cheaper cell phone plan, cancel subscriptions and gym memberships, as needed, all you can do to reduce overall expenses. Then, it is good to set up an automatic transfer to a separate savings account, adding an amount of each payment, specifically to deal with the remaining expenses of your bankruptcy and other financial emergencies.

Contribute to an RRSP – Since your RRSP (Registered Retirement Savings Plan) can be considered an asset, you may have had one prior to going bankrupt and the funds seized to pay your creditors. However, once your bankruptcy period is over, you can start contributing again. If you do not have an RRSP account, open one with your bank and start putting money into it regularly. The more you contribute, the better your tax return will be.

Do not ask for too much credit at a time – While a bankruptcy will certainly have an impact on your ability to get approval for credit products, it is still possible to have one again. Just be aware that when a lender does an investigation on your credit, a “thorough request” will be placed in your file. Serious requests will slightly lower your credit rating and may appear in your file for 3-6 years. So, not only will you have a bankruptcy notice within your credit report, but asking for too much credit products is also a sign of financial distress, signaling creditors that you are being rejected multiple times.

Beware of credit repair crooks- Unfortunately, there are scammers in this field who are trying to take advantage of those who despair of restoring bad credit and gaining credit again. Keep in mind that information about your credit report will stay there until it is legally possible to withdraw it through the credit bureaus. So, under no circumstances, give any information or money to anyone claiming to be able to erase a bankruptcy notice from your credit report for a fee. For this reason, be extremely cautious about any organization that claims to be able to repair your bad credit with very little effort on your part, as it is probably a scam. Nobody can improve your credit except you.

Always stay in touch with a professional

If you’ve recently gone bankrupt, one of the most important things to do is to keep in touch with your licensed insolvency trustee and make sure everything goes as planned. Keep in mind all that professionals say and fulfill all your bankruptcy duties so that it goes smoothly and ends as quickly as possible- wa state bankruptcy BKHQ. Once you’ve done all this, you can talk to a financial advisor about the different ways you can improve your finances and credit. Be smart, have patience, and slowly, you’ll be able to get back on track.