The population of the 27-nation European Union will peak in 2029 before falling in the coming decades, according to a report published Tuesday that spotlights the major challenges the bloc faces from an aging population.

Today there are 450.6 million people, but researchers say this will peak at 453.3 million in 2029 before a slow long-term decline.

The population will fall to 398.8 million people by 2100, an overall drop of 11.7% and a level that was last experienced in the 1970s.

Europeans are living longer than ever before thanks to vastly improved health care and better life and social conditions.

But an aging population poses challenges for society and the EU economy, and while migration could help, it's not the fix Europe might hope for.