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.