In 2019, a pension reform started in Russia, as a result of which the retirement age is raising and the pensions of Russians should have been increased. The article discusses Russian citizens’ attitude to the pension reform, provides estimates of the desired size of the future pension, options for personal life financial planning at retirement age. A comparison of the level of the average assigned pension and main indicators of the standard of living of the population shows the insufficiency of the current replacement rate. For the majority, the state pension is the main source of income at retirement age. The calculations given in the article show that a decent pension can be achieved on the basis of a state and non-state pension combination. But the stimulation of funded pension programs in Russia does not work due to low incomes of the population and distrust in non-state pension funds.