The article explores how different countries have reformed their pension systems and suggests ways to modernize Ukraine's system. The researchers compared approaches to pension provision, analyzed financial data, and identified problems in pension insurance. Countries that addressed pension issues early on and found new funding sources started pension reforms. Most developed European countries fund pensions through state funds, corporate pensions, and individual pensions. Future research should focus on transforming the pension system by introducing parallel changes in social medical insurance and creating new approaches to pension system reform.