Indonesia is the fourth most populous country in the world, with a population of 273.5 million in 2020. Approximately 14.4% of Indonesia’s population is in the elderly age group and 8.4% of the total population is in the retirement age group. The current pension system in Indonesia is classified into two major categories: mandatory and voluntary. The mandatory pension fund provider consists of three institutions: PT Taspen (Persero) or Taspen hereafter, PT Asabri (Persero) or Asabri hereafter, and BPJS Ketenagakerjaan. The voluntary pension scheme providers consist of two types, namely, Employer Pension Funds (DPPK) and Financial Institution Pension Funds. (DPLK). There are currently no alternative pension-like programs, such as reverse mortgages, in Indonesia. However, there are some challenges faced by the Indonesian pension system. A low participation rate remains one of the biggest challenges faced by BPJS Ketenagakerjaan, and Indonesia’s retirement scheme ranked 30th among 39 countries in the Mercer CFA Institute Global Pension Index in 2020. In addition, the Indonesian government also needs to review the regulation that allows BPJS Ketenagakerjaan’s participants to redeem retirement savings prior to retirement.