The all kinds of livelihood capital that farmers own have a very strong influence
on their senses of pension risks. However, the thought that “the more abundant livelihood capital
that farmers own presently, the less their pension risks are”is not true. Meanwhile, farmers pres-
ently still tend to prefer informal tactics for pension risks to formal social pension insurance
system. With the ever-increase of pension risks for Chinese farmers, being over-reliant on infor-
mal aversion tactics for pension risks precisely indicates the urgency and necessity of construct-
ing the formal social pension insurancesystem.