**Young Entrepreneurs Encouraged to Open Afores for Future Retirement Planning**
Independent young adults, particularly entrepreneurs, now have the opportunity to secure their financial future by opening an Afore account. Mirna Cossio Hernández, a pension specialist, advises that self-employed individuals invest a portion of their earnings into an Afore, with the purpose of saving for retirement. She suggests saving around 5-10% of their income, which could later be integrated with formal employment savings.
Despite the fact that half of new businesses shut down within two years, as reported by Canaco, it’s essential for young entrepreneurs to start planning early. Cossio Hernández emphasizes that those in official employment should check which of the country’s ten Afores they are registered with to monitor their savings and contributions.
“You have ten Afores to choose from, and it’s up to you to pick and register with the one you prefer,” she advises. The importance of beginning to contribute to an Afore at a young age was highlighted, as continuing contributions becomes more difficult once workers hit 40. This planning will ensure the preparation for reaching retirement age, which can seem distant to the youth.
Furthermore, employers are required to register employees with social security to ensure their contributions are in line with their salary. Independent workers should consider this as well while managing their Afore.
**Secondary Article: Tijuana Business Community Seek Financial Solutions Amidst Economic Challenges**
The business landscape in Tijuana faces significant challenges, with many new businesses struggling to sustain beyond the two-year mark. In response, local business associations are planning to offer more support to SMEs, aiming to reduce the high rates of informality. The Tijuana Business Coordinating Council is exploring the modification of current financial frameworks to improve the viability of credit requests for new businesses.
Despite these challenges, Tijuana continues to see robust online consumer engagement, as shown by the fact that nearly 40% of local shoppers make purchases online. The local business community is therefore adapting, with plans to launch online sales platforms soon.
Additionally, contributors in the region can now utilize digital identification, such as their national identity card or biometric data, to obtain fiscal records, streamlining a frequently demanded service across Baja California. Meanwhile, community events like the successful Guinness World Record attempt for the largest bread mosaic continue to engage and uplift the local population.
As entrepreneurs face both hurdles and opportunities, financial planning, whether through setting up Afores or accessing new credit solutions, remains a pivotal component of achieving long-term business success and financial security.