It is far from clear that the economic drawbacks of population aging are as intractable as they are commonly depicted, according to Goldman Sachs Research economists. Although rising public sector pension costs remain a concern for some economies, the most effective means of counteracting the impact of aging on dependency ratios is to extend working lives, they write. Fortunately, this trend is already in motion. Despite the large decline in DM working-age ratios that has already taken place, DM dependency ratios have actually fallen. This trend towards extending working lives shows little sign of abating and is taking place in countries with minimal changes to pension laws, suggesting an adaptive response to increased longevity.