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.
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It's really that the world becomes more liberal as it goes on. If you don't change with it, you're comparatively more conservative. It's never been the case that people, in general, become more conservative as they age, just that they want things how they expected them before, which at some point is reached and surpassed.
I've just seen it as people get set in their ways. You were progressive in your youth, got what you wanted, and have grown comfortable with it. Now, you're old and the new generation wants to change things you are comfortable with, and you don't want it to change.
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.
You're gonna have to let me own shit I wanna conserve first, bitches.