EN 
ES 
The Chilean pension system, based on individual capitalization managed by AFPs, has been a subject of debate for years. Recently, a significant modification to the law has been proposed that could allow affiliates to access their pension funds early, especially during times of economic crisis.
The management of pension funds through the individual capitalization system, and the use of contributors' funds in AFPs, has been heavily debated over the years. There are many opinions for and against the modification of the law that governs them. In fact, this is the first time such a structural modification allowing access to mandatory savings has been discussed.
Nearly three million affiliates are at risk of depleting their AFP accounts.
And only 6.3% of workers could reach the cap of $4.3 million.
— Pension Superintendency.
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This article aims to understand the possibilities that this law allows us, specifically optimizing the available resources at the time of fund withdrawal.
What can they be used for? Should I really claim them? What other options do I have? These are many questions that may be on the minds of affiliates.
If the stars align and the Senate allows it, a large number of people will be able to access a portion of their retirement funds early. We know we are living in complex times, so access to these funds could help meet the basic needs of people affected by this health crisis—whether due to job loss, previously low pensions making it difficult to access adequate food and heating, individuals with health problems requiring treatments, and many other situations.
A study estimates that if all affiliates withdraw the maximum possible amount, withdrawals would total US$ 16.8 billion.
— Economic and Financial Research from Scotiabank.
El contexto mundial
We understand the destination of those funds in the previous cases, but what happens in cases where they are not needed to cover basic needs, since those are already covered?
There is a large number of people who have been able to meet their basic needs during the pandemic, and this change in the law could benefit them in the long term, if used with an eye towards a future that, as we know, is currently so uncertain...
It is in these situations that the historical lack of financial education and fund management becomes even more evident, as it is likely that many people will use the funds for immediate consumption—upgrading their phone, buying a new car, or perhaps the latest PS5. No, we do not want to demonize the purchase of immediate consumption items, but rather go further and see this possibility as an opportunity to take charge of investing our own resources. Because yes, they are our resources.
Investing in real estate is a good option if you want to secure gains in the medium and long term without taking on significant risks.
In conclusion, the reform of the Chilean pension system represents a significant change with potential benefits and risks for affiliates. The possibility of accessing funds early can provide financial relief in times of need, but it also entails the responsibility of making informed decisions about their use. It is essential to promote financial education and seek professional advice to optimize the management of retirement savings.