According to the Mexican Social Security Institute (IMSS), the old-age pension is granted once the insured person has reached 65 years of age and is retired from the Mandatory Regime of the Social Security Law.
Currently, Mexicans can retire under two laws: the 1973 law, for people who began contributing before July 1, 1997; and the 1997 law, for those who obtained their salary registration after that date.
The requirements to retire under the 1973 scheme
You must be 65 years of age at the time you file your pension application.
You must have been discharged from the Mandatory Regime of the Social Security Law.
You must have at least 500 weeks of contributions registered with the IMSS.
Have contributed before July 1, 1997.
Be within the period of conservation of rights, which will be equal to one-fourth of the time covered by your weekly contributions, counting from the date of your retirement.
The requirements to retire under the 1997 scheme
If you started contributing on or after July 1, 1997.
You must be 65 years old at the time you file your pension application.
You must have left the Mandatory Regime of the Social Security Law.
Have at least 1,250 weeks of contributions registered with the IMSS.
There is also a severance pension, but the main difference is related to age, according to the Social Security Law. In order to apply for it, you must have the minimum contribution period established by the Social Security Law.
The Fiscal Transition Working Group recommends that in order to avoid poverty in old age, key parameters such as the retirement age should be adjusted and opportunities to withdraw funds saved in the Afores before retirement should be reduced. It also suggests bringing together all existing public retirement savings systems into a single comprehensive public system, which in turn would be integrated into a Social Security System to be built gradually.