No. Do not respect your elders unless they have spent their life educating themselves, and challenging their own opinions. I am personally sick of others factoring age into discussion. It doesn't matter what age someone is, rather than HOW EDUCATED that person is on the TOPIC.
For example, I can live my entire life with a shit job, marry the next woman I meet, not take care of myself, and watch reality TV shows, and not educate myself at ALL. Kids are repeatedly told to respect their elders, and WHY? Seriously, why?! Why should I care about the opinions of a man (lets use "Bob" as an example) who didn't educate himself on anything, can't even take care of himself, and still whines about simple issues he's having.
The same could be said in comparison to the young. I once met a 12 year old kid who was OBSESSED with politics. Every president, prime minister, the good, the bad, the questionable. Even though this kid is 12, he "KNEW HIS SHIT."
I don't respect Bob intellectually at all (albeit he could be a nice dude). It's unfortunate he didn't have any influential factor in his life that would lead him down an educated path. If he ever chose to educate himself, then I would love to talk.
I respect the 12 year old kid. He knows more about 'spoken subject' than 200 Bob's combined.
This is why the "age" factor is generally irreverent. It isn't HOW old you are, rather than what one spends their time doing.