This paper provides a comparative analysis of the pension systems in Brazil and Canada, focusing on their historical evolution, structural frameworks, and the demographic and fiscal challenges they face. By examining the development of these systems, the study highlights the unsustainable trajectory of Brazil’s public pension system, which is projected to consume 13.9% of gross domestic product (GDP) by 2060 due to population aging and declining fertility rates. Drawing on lessons from Canada’s balanced three-pillar system – comprising universal public benefits, mandatory contributory plans, and voluntary private savings – the paper proposes a series of policy recommendations for Brazil. These include expanding access to private pension plans, promoting individual retirement savings, reforming the public pension system, and leveraging immigration to mitigate demographic pressures. The findings underscore the importance of increasing the role of private retirement savings in Brazil to ensure long-term fiscal sustainability and retirement security, while also identifying areas for future research to support ongoing reform efforts.