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Being old is no good, receding relations admitted (8)

Ross

I believe the answer is:

existing

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'being' is the definition.
The answer and definition can be both to do with fundamental existence as well as being present participle verbs.
Perhaps you can see an association between them that I can't see?

'old is no good receding relations admitted' is the wordplay.
'old' becomes 'ex' (prefix meaning former or onetime).
'no good' becomes 'ng' (abbreviation).
'receding' is a reversal indicator.
'relations' becomes 'it' (both can mean sex).
'admitted' is an insertion indicator (inserted letters are admitted in).
'it' reversed gives 'ti'.
'is'+'ng'='isng'
'isng' going around 'ti' is 'isting'.
'ex'+'isting'='EXISTING'

Can you help me to learn more?

(Other definitions for existing that I've seen before include "Surviving" , "Extant, alive" , "Having place as part of reality" , "Being present in the world" , "To be found in the real world" .)

I've seen this clue in The Times and The Sunday Times.
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