The vast majority of people I know in mentally demanding labour tend to split 50/50 wanting to scale back, and wanting to continue as-is. The latter group tend to resent mandated ageist laws, which is understandable. The former, see them as an unimpeachable way to get off the train.
I know that my motivations in work have changed since I past 55, and as I approach 60, they are most definately not about doing as much, or the same kind of work.
I have perfectly adequate superannuation, and I don't expect to struggle. I also attend financial planning sessions from my funds, and get guidance on realistic income expectations post-work. FIRE is (in many ways) based on the same kind of information: when you do step back, after some intial bust of enthusiastic recreational or debt-clearing spending, most people reduce their core spend (but in the case of aged people, increase their health spend).
Doing nothing is fatal. Hobbies are not "it" for many people, volunteering, or some lower intensity part-time work is a perfectly rational thing to do, even if basically wealthy (I mean in context, having adequate income from your retirement planning. Not, being a FAANG class retiree)
Travel is often best done when younger. Its tiring. Young eyes need experiences. Old eyes can handle mostly memories and a few less intense ones. If you are an adrenalin junkie, none of this applies to you, and keep sky-diving as much as you can.
I definitely feel superceded in the workforce. I have a good position and respect (declining!) but I feel its time to step into a role which lets younger people come to the fore. You need to make way. You even need to let them make mistakes.