Is stereotype that ambition diminishes with age true?

I'd say Colonel Sanders is a good example of how ambition still stays. The stereotype is false because a bigger driving factor leads a certain age to be ambitious and another certain person to diminish his.

@MasterofPun ;

Well said.

I agree with all that you and your dad say.

I am aged 58 years, and to be honest I find ambition quite stressful these days.

I think it is a correlation, rather than a causation. It does not depend on the age directly; rather, it depends on the individual's place in life, and that place usually becomes better with age, as the individual gains experience, as his/her resume grows and becomes more and more impressive, as he/she has more and more money banked. The more you already have, the less your need is to gain more, hence your drive to achieve more and more will decrease as your situation improves.

That said, there are also people who have an almost eternal drive to improve and to do something new. You often see people on the news achieving remarkable things in their old age; I remember a report on a 95 years old Japanese man who reached the peak of Everest, for example.

I myself am like that. Currently, for example, in addition to my general profession (physics) and one of the major hobbies (music), I became obsessed with car technology and I am reading a lot about various car parts every day, planning to take a certified course for car mechanics just to better understand cars. Also I am working on a mathematical algorithm that maximizes gains from trading on the foreign currency market, hoping to eventually put the algorithm into practice and to improve my personal economy, as well as maybe publish the algorithm in the interest of economics. Always something new to learn or to try, and too little time to do it all!