I watched The Beach Boys live at county fair a few years ago, which it was the official band but basically a cover band since most of the originals had moved on or passed on. The main headliner Beach Boy actually talked about why he was still on tour, like he mentioned that he drove a Bentley...he wanted to maintain the style of living that he had become accustomed to.
Certain musicians/bands can be even more successful even if they're not at the top of the charts anymore, like multiple bands make more money now on tour than they did when they charted. I kind of disagree with the premise due to this in that you can be more successful not charting new songs, but touring with past hits to your now more-affluent fan base. The Rolling Stones for instance have a lifetime tour gross of over $2B. I think it's like the ultimate musician longevity plan where if you have one or more iconic songs that are part of culture, you can make a good living touring for as long as you're willing and able to tour, perhaps even making more touring your hits than when you were charting.
Certain musicians/bands can be even more successful even if they're not at the top of the charts anymore, like multiple bands make more money now on tour than they did when they charted. I kind of disagree with the premise due to this in that you can be more successful not charting new songs, but touring with past hits to your now more-affluent fan base. The Rolling Stones for instance have a lifetime tour gross of over $2B. I think it's like the ultimate musician longevity plan where if you have one or more iconic songs that are part of culture, you can make a good living touring for as long as you're willing and able to tour, perhaps even making more touring your hits than when you were charting.