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There are three financing modes: pay-as-you-go system, complete accumulation system and partial accumulation system.

Pay-as-you-go system: based on the principle of horizontal short-term balance, it lacks capital accumulation and intergenerational support. China's elderly population is growing rapidly and the scale is large, so it is difficult for young and middle-aged people to afford to provide for the elderly, so this system is not suitable for China.

Complete accumulation system: the model implemented in Singapore and Sweden. The state forces individual savings to be used for retirement and pension. It focuses on the long-term balance of social insurance income and expenditure, that is, saving money for the elderly. This system can effectively cope with the aging population, but it is difficult to achieve in China at present, which requires a high level of economic development. At the same time, the pension for the elderly in China will also become an urgent problem in the implementation of this system.

Partial accumulation system: it is also a system implemented in China at this stage. Units pay into social security funds, individuals pay into personal accounts, and the pay-as-you-go system is combined with complete accumulation.

Under the background of China's aging population, this system should be improved. I think we should gradually expand personal accounts, implement personal accounts, and expand financial subsidies to social security funds; In other words, for young people today, individual contributions should be increased, while the elderly now need to rely more on the state and co-ordination accounts, and the efforts of co-ordination accounts to subsidize the elderly need to be increased.