Everything you have said is true and well articulated.<p>However it is worth noting that this is handled differently within different cultures and even within different fields within one culture.  For instance, my step-mother is originally from Korea and she tells me that elder generations are treated with much more respect than they tend to be in America.<p>In my own observations in America, I have seen a distinct preference for younger employees in fields such as technology.  On the other hand, from what I have seen in law, medicine, and intelligence analysis age seems to be less of a factor and the older practitioneers seem to have some advantage in the fact that they have had more time to build seniority.