The impact of culture is another critical data-point. For example, in some cultures, elders are viewed as being kind, wise and important while in others, grumpy and useless.
Reaching old age is still an achievement, especially for young male motorcycle riders, and experience of society and its history always comes for free. The "locking away" stage is something old people generally try to actively avoid, and mostly generally for those with actual dementia in any case.
The kind of wisdom that they have earned dealing with the daily practicalities of personal life, society, law, bureaucracy and in general the knowledge of navigating the winds of change for many decades. But in order to get the benefit of that wisdom, you have to value them as individuals with valuable experience instead of thinking of them as someone who spent their years merely waiting for the day of their retirement.