The National Institute of Population and Security Research said those aged 65 or above in Japan are projected to hit 33.67 million in 2070 after peaking at 39.53 million in 2043. In 2070, they will comprise 38.7 percent of the population, resulting in ballooning social security costs. The health ministry's research body provides 50-year demographic forecasts approximately every five years based on public data such as censuses. The latest data will be used by the government to calculate the country's future pension payouts. The population, numbering 126.15 million as of 2020, is expected to fall under the 100 million threshold in 2056, it said.