The article proves that it is possible to achieve wellbeing if there is an improvement of both the pension system and change in the citizen's attitude towards retirement income. The calculations (dynamics of the percentage of the working retirees, both in Russia and TPU, and the average salary) show that the increase in the ratio of the number of retirees and working people can't lead to the deficit of the budget of the Russian Pension Fund. It is proved that the key way to overcome the deficit is to remove payments, which are not or little connected with earned income (disability and loss of a breadwinner pension, long service pension, and early retirement pension) and save only one function -compensation for loss of earnings. Refusal of the territorial rent (pension's peg to the minimum of subsistence of a retiree in the region) will also balance the financial state of the Pension Fund. It is mathematically proved that the wellbeing of retirees can be reached if they participate in the compulsory and voluntary pension insurance programs, which are not necessary governmental.