The aim of this paper is to appraise security for old age in the Czech Republic. The main focus is on the description of the development and contemporary situation of the pension system and the pension reform during the years 2013–2019. The main part of the pension reform started in the Czech Republic in 2013. The author aims to discuss this development and to explain the necessity of the fast further implementation of the next steps or, better, the new pension reform. The important motivation for this is the gap between expenditures on pension insurance benefits and incomes from pension insurance premiums. Therefore, the long-term sustainability of the main first pillar is impossible without crucial changes to the whole pension system. The goal of this paper is to determine whether any progress has been made in solving this important problem. The paper also deals with the role of the pension funds in this process and explains the necessity of retirement security for future pensioners through their own preparation and investment.