There is the popular misconception that high intensity exercise is for the young, and the aging should just shuffle around a little bit and call it a day.
This paper from several years ago says otherwise. This doesn't mean an elderly person needs to be doing a "Heavy Duty Mike Mentzer" bodybuilding workout, but there needs to be sufficient stimulus for the exercise to be effective. Thus, the authors talk about the benefits of "low volume, high-intensity aerobic and/or resistance training" to achieve a variety of health benefits.
Of course, at any age, consult your physician before starting any exercise program, but we see a clear indication that high volume, low intensity does not need to be the way to go for the aging. High intensity can do a better job.