The public pension system won't be enough to sustain people's standard of living in a rapidly aging society, according to a government report.

A council at the Financial Services Agency estimates that a couple who will live until 95 years old will need at least ¥20 million more than what their pension benefits will provide.

The council acknowledged that the public pension serves as the main source of income during the post-retirement years, but it is calling on members of the public to take greater charge of their finances to plan for their retirement by proactively managing and investing their assets.