Recently, studies on the development of conceptual provisions governing the standard of living of pensioners have been significant. Such an update is due to an increase in the retirement age of the population, increased life expectancy, as well as low level of material welfare of elderly citizens. The purpose of this study was to analyze the social challenges of modern pension reform in Russia, the subject is the standard of living of pensioners of the Murmansk region. As a methodological basis of the study statistical analysis of social phenomena and processes in the Murmansk region, as well as the method of predictive estimates of population dynamics was used. As a result of the research, trends in demographic development were identified, a forecast of population size was made taking into account changes in retirement age, and the situation on the labor market, living standards and pensions in the Murmansk region was analyzed. The study concluded with the following thesis: under the new pension reform, the low standard of living of pensioners is a social challenge, and their growing number will cause an expansion of social localization of poverty.