The Central Government of China and Macau Government put great efforts to promote the coverage and the quality of their social security systems，so the two systems can cover most targeted population and provide reasonable benefit or protection. Under the miserable experience of European financial crisis，it is necessary for the Governments to promote the sustainability of their social security systems. The literature reviews of the paper is to introduce the principle of New Public Management，the framework of World Bank’s multi-pillar pension model，as well as，the meaning of retirement related financial products and the system of elderly services. According to results of the development of Macau social security system，it is more likely for the Government to use the market system to intensify the reform of the social security system. According to the results of the telephone survey of Macau citizens’ opinion on the reforms of social security system，most respondents would like to have a sustainable social security system and to make their contribution to their retirement. There are some recommendations，like facilitating elderly employment，adjusting the investment strategy of social security system，improving the efficiency of retirement related financial market，making use of big data technique and multidisciplinary approach to develop elderly service market.