Retirement savings for Mexican workers posted historic returns in 2025, as Administrators of Retirement Funds (Afores) recorded total gains—or plusvalías—of MX$1.12 trillion from January through November. According to data from the National Commission for the Retirement Savings System (CONSAR), this represents the highest level ever recorded for the period.
Despite the record cumulative performance, the pace of growth in Afores’ returns moderated in November compared with previous months. Positive returns for the month totaled MX$32.608 billion, a 77% decline from October’s figure. Even so, November marked the seventh consecutive month of positive returns for the system, with April standing out as the only month in the 11-month period to register losses.
Investment Performance and Outlook
The Mexican Association of Afores (AMAFORE) noted that the year-end balance of the Retirement Savings System (SAR) is expected to remain positive, with December results likely to be broadly in line with those seen in November.
Impact on savings: The MX$1.12 trillion in plusvalías accumulated through November 2025 is equivalent to 16.5% of total worker savings held in the SAR at the close of 2024.
Historical returns: Amafore reported that more than 13% of total assets managed by Afores were generated as investment returns during the first 11 months of the year. Over the long term, the system has delivered average returns of more than 10% in nominal terms and approximately 5% in real terms.
Under current regulations, Afores are required to invest workers’ retirement savings across a diversified range of financial instruments to maximize long-term returns. These include government and private debt securities, domestic and international equities, Fibras (real estate investment trusts), and foreign currencies. The performance of these assets directly determines the plusvalías or minusvalías reflected in individual retirement accounts.
Asset Allocation and Market Factors
As of the end of November 2025, Afores’ asset allocation was distributed as follows:
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52% in Mexican government debt
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13% in international variable income (foreign equity markets)
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12% in domestic private instruments
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8% in structured instruments
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7% in domestic variable income (Mexican equity markets)
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3% in Fibras
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1% in international debt
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3% in other assets
The moderation in returns during November coincided with mixed performance in U.S. financial markets. The S&P 500 edged up 0.13% during the month, while the technology-heavy Nasdaq Composite declined 1.51%. Analysts attribute the strong overall performance in 2025 to gains in both Mexican and global equity markets, as well as the impact of interest-rate cuts that boosted asset valuations.
By the end of November, the country’s 10 Afores managed 69.38 million individual accounts, with total worker retirement savings amounting to MX$8.29 trillion. CONSAR has previously noted that, historically, more than half of the resources held in Afores have been generated through investment returns since the SAR was established in 1997.
Looking ahead, Amafore and other market specialists have warned that returns are likely to moderate in 2026, citing factors such as a reduced scope for further interest-rate cuts and potentially less favorable conditions in global equity markets.