Yes. My parents have given me so much in life. I have seen them sacrificing some comforts themselves so that they could make mine and my sister's life more comfortable.
When they reach an old age and post-retirement people tend to think they are a liability. At this point, they need lots of support and reassurance from their children. If they are ill, no nurse or outside person can give them the love that the children can and love is the best healer.
The only issue for me here would be: Would I be able to afford to look after them if I gave up a job? If I could, then I would most definitely put priority to my parents. If I couldn't afford to do that, however, it would neither benefit me or my parents to stop working.
I was employed full-time then as my mother's ailments worsened, I found a part-time job working pick-packing from 5am to 10am. This gave me the ability to get to her place and organise her breakfast and medications and lunch. . Part time also gave me the chance to get her to her specialist appointments. When she passed, her Will had silently reflected her deep appreciation for my help. Now 3 years later, I work in the Aged Care Industry complete turn-around from any of my previous jobs, caring for others.
I think it's a beautiful sentiment, and a very important lesson that we can learn from many cultures around the world. Of course, not everyone is in a financial position that they can totally give up their work, and many elderly people aren't so frail that they need round-the-clock care, or would even desire this. However, if your parents have been loving and supportive throughout your life (I acknowledge that the motivation may not be there for those unfortunate enough to have experienced abuse), the perfect way to reciprocate would be to give elderly parents the same priority as we do our young children.
I think it's wonderful how in many cultures the elderly parents actually live with the children. A few of my friends who originally come from Asia share their homes with their elderly parents and the whole family is very much enriched by the love and nurturing that is provided. However, I do acknowledge that it may not be for everyone...some people may not be able to afford this and some elderly parents (my mum, for example) relish their independence, at least at this point of her life.