Pension systems are a social protection mechanism whose purpose is to provide income to people who lose their self-generating capacity due to old age, disability, or death of one of the primary sources of income of a family. This study examines pension systems in Chile and compares them with other Latin American countries, aiming to assess their efficiency and propose improvement strategies. Social protection systems occupy a prominent place in the Sustainable Development Goals (goal 1.3, United Nations), where it is urged to implement social protection systems and increment the coverage of the vulnerable population. In terms of social security, European countries have the most experience. Latin America has been one of the forerunners in introducing individual capitalization schemes as a mandatory component in its pension systems for more than 30 years, when Chile abandoned its pay-as-you-go pension system. Several countries in Latin America and Europe followed that path. With well-designed and implemented social protection systems, countries can strengthen human capital, improve productivity, reduce inequalities, strengthen resilience, and end the cycle of intergenerational poverty. Through detailed analysis, we identify key challenges and opportunities for reforms. Our findings suggest that specific changes in pension policy could significantly enhance the sustainability and equity of these systems, offering concrete recommendations for their implementation.