Yes, honoring the older ones in the congregation was a serious responsibility when those words were written, and it is down to this day.
وَلٰكِنْ عَلَى مَنْ تَقَعُ مَسْؤُولِيَّةُ ٱلِٱعْتِنَاءِ بِٱلْمُسِنِّينَ ؟‏