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A few generations ago, "old" was someone in their 50s or 60s. They were still on top of things and mentally wise because of living. People seldom lived as long as they do now.
Now, they are quite likely in their 80s or 90s and suffering from some sort of dementia. Yes, there are exceptions, but generally speaking, people that old, are not as "Wise" as they were when they were thirty years younger.
It can, and does, make a big difference in how we view the elderly.