This paper quantifies the fiscal costs of different policy reforms in Taiwan that achieve the goal of a self-financed pension system. We build a general equilibrium life-cycle model with endogenous labor supply on both intensive and extensive margins, consumption, savings, and benefit claiming. We conduct counterfactual analysis to evaluate the impacts of various reforms that could balance the pension budget while taking current demographic changes into account. We find that the pension system can be self-financed if the government (i) increases income taxes by 5.4%, (ii) increases consumption taxes by 6.2%, (iii) increases pension taxes by 9.3%, or (iv) decreases the pension benefits by 23.5%. We also compare our results with those from a partial equilibrium model, often used in the existing studies. The comparison highlights the importance of the general equilibrium effects and indicates that partial equilibrium analysis underestimates the negative effects on the labor supply.