The current payment pressure on the basic pension fund of Jiangxi Province in China is continuously increasing, and what impact will the upcoming delayed retirement policy have on the payment capacity of this province’s pension fund? This study evaluates the impact of two representative delayed retirement policies on the payment capacity of the basic pension fund in Jiangxi Province using actuarial methods. We found that delayed retirement is beneficial for improving the current and cumulative balances of the pension fund, significantly improving the future payment capacity of the pension fund. Moreover, the favorable effect of delayed scheme 2 is stronger than that of scheme 1. Given the favorable effects of the delayed retirement, the Chinese government should seize the time to formulate feasible delayed retirement policies to enhance the sustainable operation ability of the basic pension fund and ensure the timely and full payment of pension benefits for retirees.