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I’ve always thought of it was you get more conservative as you get wealthier, rather then older. The system as it is now makes it far harder to get wealthy, hence people are staying liberal as they get older.
I think it’s also true for those people who lose the ability to learn and understand new things as they age (which happens a lot but not to everyone). In the everchanging world those people find themselves longing for stability and the good old times that they understand. Change becomes confusing and scary.