Japan's public pension system is not enough to sustain people's livelihoods anymore in a rapidly aging society, a government report said Monday.

A council at the Financial Services Agency estimated that a couple who will live until 95 years old will need at least 20 million yen ($184,700) after retirement, more than their pension benefits can cover.

It therefore called on the public to take greater charge of their finances to plan for their retirement by proactively managing and investing their assets.

The new call means that individuals will take on more risk than in the past when planning their financial future, including potential loss of principal when investing.

In an example of a couple with the man aged 65 or older and a woman aged 60 or older, the report showed that they would face a monthly debt of 50,000 yen if they depended only on their pensions.

If the couple were to live for 20 more years, they would be short by 13 million yen, and if they were to live for 30 more years, they would be short by 20 million yen.

The report also said there is a possibility that retirement money, another major pillar of individual savings in Japan, would decrease over time.

In recent years, retirement money for those with college degrees averaged around 20 million yen, a drop by 30 to 40 percent from its peak.