Excellent insight, Kelly!
The problem for many older pilots is not only multiple ex-wives to support and a big decline in their superannuation. It is that so many think that they are incapable of doing anything other than flying and a few have such big egos that they can not live without the imagined adulation.
If they never developed interests outside their job, now is the time to re-evaluate priorities. Calculate the likely number of years of good health and physical fitness remaining. 5? 10? 15? but probably not 20. Developing an interest will go a long way to improving both mental and physical well-being.
I have been retired from flying for five years now, but until recently still involved in aviation. I chose to get completely out of the game a month before this crisis hit and like so many have seen my superannuation take a flogging.
But with other interests keeping me busy enough I can honestly say I do not miss aviation and will just have to scale back some bucket list items to fit a more modest budget.
Re sailing: if someone is approaching 65 and has never sailed they may have left it too late for that particular activity. Especially if that hip replacement was not a good job! Besides which it is an expensive hobby unless you build or buy a small boat. But learning to sail a dinghy would be a great idea for someone still reasonably fit.
There are other pursuits - restore an old motor bike, build a new shed, ruin a good walk with golf, grow grapes, distill your own whisky, learn a language (Swahili comes easy when you drink good home brew)... the possibilities are endless.
What any pilot approaching the age of 65 must now face is the probability that their flying days are over. Go gracefully. Don't bore your friends with tales of your past exploits - no one except you really gives a sh!t.