Ideas to spice up elderly gameplay:
Heritage/Legacy hunting: When a Sim dies, his property should go to the people who had the best relation with him (bonus for family members). Obviously if there are several similarly strong candidates, the property can be split up.
"Wisdom of the old" / teaching skills: Some (non phyiscally exhausting, obviously) skills should be very hard to improve unless you are taught by a master (who is more likely to be old if skill progression is hard enough). A master will not accept pupils unless the relationship has a certain minimum quality.
Care and Retirement homes: There should be an increased selection of sicknesses and diseases. Elderly people should require "care". This would play similarly to caring for a newborn. The older a Sim grows, the more (often) he needs care. Sims might hire a caregiver service ($$$) or even deport their elderlies to a retirement home. In some instances (depending on the age of the elderly), this should lead to a loss of relationship (the younger the elderly, the more he prefers to stay at his home!). Players would need to pick the moment that feels right for their sims (moral and perhaps also financial implications, if "heritage" is a thing!).
Funeral events