Some people and especially old people have a lot of experience in not doing anything. They like to reaffirm their decision.

If he suddenly changed his mind, he’d also have to acknowledge that he had lived most of his life with a narrow mind in all the situations where he chose not to take a chance. It’s the sunken cost fallacy.

It’s not just old people. It happens all the time in all kinds of ways when someone doesn’t want to rigorously investigate their options in a situation and simply go with what they already have. They’ll make up excuses for their (lack of) choice afterwards. It could be chosing a restaurant, buying a car, settling in a certain neighborhood or anything really.