TOKYO -- Couples in Japan will need to save up about 20 million yen ($185,000) for retirement if they reach age 95, the Financial Services Agency said in a report Monday, highlighting the new financial challenges accompanying longer life spans.
Relying on pension payments alone will create a monthly shortfall of around 50,000 yen on average for a retired couple with a man of at least 65 and a woman of at least 60. They will thus require an extra 13 million yen for a 20-year retirement or 20 million yen for a 30-year retirement.
The report urged workers to start investing in a long-term, balanced portfolio of domestic and overseas assets and to take advantage of their retirement packages. It also discussed the need for asset management strategies and financial services meeting the demands of an aging society.
A quarter of Japan's 60-year-olds will make it to 95, it has been estimated.