Population ageing is a universal phenomenon. The ageing trends indicate the rapid growth of the elderly population in India. The large number of elderly in the population will pose a greater burden to the county’s economic, social, and healthcare security. Apart from social and health issues, there is a growing policy concern about the economic dependency of older people. The present review studies the empirical literature on the economics of ageing and identifies the research gaps and resultant policy implications. Electronic databases like PubMed, SCOPUS, JSTOR, ScienceDirect, ResearchGate, and Google Scholar were searched to identify appropriate literature on the broad theme. Under the broad domain, the literature was classified under themes related to elderly work participation, family transfers, and economic burden, and government transfers especially social security and pension and elderly poverty. The review proposed to generate strong evidence on employment issues among the elderly, the role of family transfers, social security, and a deeper understanding of the poverty level. In the wake of rising health concerns, increased longevity, and gender interplay, the evidence will provide a stronger base to develop initiatives for the elderly population.