They are significant as long life itself. Some days are good, some days are bad, and some days could be sad. The Elder, generally speaking, is as purified gold upon the earth, and very significant with knowledge and values to learn from. Priceless are their teachings and understandings in life.
To listen to them is wonderous of stories to remember, and to gain wisdom from it. Who else can say that I've got the experience, and I've earned every bit of it? So why turn them away? Don't! I say again, do not turn them away! For all is lost without the elder, both present and past.
So listen to them and learn from their mistakes, and their strengths, and keep the good memories of them in your hearts and minds forever.