The object of the study is the older age groups of the population (55+), their socio-economic status, and employment in the context of the pension age reform ongoing in the Russian Federation. The purpose of the paper is to study world experience, the consequences of the Russian pension reform of 2018, and its impact on the finances of the Pension Fund, the income and employment of pensioners, to substantiate the connection between raising the retirement age and the increasing demographic burden on citizens of working age, with the aging of the population, the increase in average life expectancy, verification of previously made predictions. Based on statistical data, the author made an attempt to assess the motivation of authorities in countries around the world and the Russian Federation for institutional changes in the situation of the older generation, as well as the consequences of raising the retirement age and the transformation of the employment status of this socio-economic group. During the research, methods of correlation and regression analysis of scientific literature, regulations of the ILO and the Government of the Russian Federation, statistical data of the UN, and the Federal State Statistics Service (Rosstat) were used. The results of the paper indicate that the current level of pensions in the country is insufficient and it lags significantly behind the “replacement coefficient” of lost wages recommended by the ILO, taking into account international experience, and also “confirms the inevitability of raising the retirement age in the coming years in the context of demographic changes and economic needs of society. Conclusions are drawn about the importance of constantly monitoring the situation of the population aged 60+ in the labor market, the implementation of previously adopted strategic documents on their social support and increasing the level of their pension provision, as well as the fact that today it is very difficult to predict the demographic and social-economic situation in Russia in the coming years.