I think it depends on the person and there's no good answer. For some folks it will be sticking with what they know and trying to "exploit" it as deep as possible, while for others it will be "exploring" as wide as possible trying everything out, and for everyone else it'll be some mix of both.

To counter the anti-caricature penalty, there's also the stereotype of the older person that never found something to anchor them in life. This stereotype of an older person never found a hobby, friends, community, or partners and travels from place to place constantly searching and consuming. Most people are probably in the middle and most people relative to themselves probably become more focused with age.