The article presents a transformation model of timing for resumption and fulfillment of the labor potential of the population over the working age in the Republic of Karelia as a northern region. Based on the sociological methods of gathering information and mathematical methods of data processing, as well as the proposed institutional transformation model of timing for the labor potential fulfillment, the main socio-economic factors of the labor potential realization of the population over the working age are identified. Some mechanisms to improve the institutional environment for resumption and fulfillment of the labor potential of the third age population are proposed. It is proved that under the conditions of aging of the population, reduction in the share of the working-age population, migration outflow of the most active groups the institutional innovations, enabling to stimulate economic activity of the third age population through creation of the institutional environment for the fulfillment of their labor potential, come into effect.