We consider the critical Galton-Watson process with overlapping generations stemming from a single founder. Assuming that both the variance of the offspring number and the average generation length are finite, we establish the convergence of the finite-dimensional distributions, conditioned on non-extinction at a remote time of observation. The limiting process is identified as a pure death process coming down from infinity. This result brings a new perspective on Vatutin's dichotomy claiming that in the critical regime of age-dependent reproduction, an extant population either contains a large number of short-living individuals or consists of few long-living individuals.