Sri Lanka is the fastest-ageing country in South Asia, probably due to its long-standing commitment towards the health and literacy of the people. This expansion of the elderly population is happening before the country’s economy is ready for such a transformation, posing many challenges. With certain key policies and action plans that came into place across the globe, Sri Lanka is gearing up for the challenge of catering for the varied demands of the ageing population. Still, there is a lot of uncertainty and apprehension whether we are doing enough in preparation for the avalanche ahead. Recent economic troubles and the massive out bound migration of young workforce have made the country weaker and more vulnerable. Inadequate understanding of the problem, the lack of coordination between stakeholders and the lack of vision for the future are concerning. Country needs stronger political and financial commitment and changes to the existing policies and practices such as increasing the retirement age, and more active participation of the young old in the country’s development journey. Efficient top-down as well as bottom-up approaches are needed in order to face the challenges with more confidence.