Man, I am 42 this year so don't even know if I will still be gaming by then. One thing is for sure I need to get a PS5 soon. Just still got so much to play on PS4.
I've caught up to ps3 to ps4 games from late 2018 to 2021 ( I think). Though I still bought ps4 games last year for cross gen games (Miles, Guardians, RE Village) and last february a late ps4 port (RDR1). Also some remasters that were only released when Ps5 was already released (Mass Effect trilogy, GTA trilogy), plus games that I was interested in but only saw it in retails just last year (Last Guardian/LA Noire).
Like you, I don't have a PS5 yet. I was still planning to buy a ps5 this March or this summer, until I spent a lot of money these couple of months for furniture/appliances/home renovation and its still not done yet, and now my TV is suddenly broke anda new tv is now added to "the things I need in my house". So all of those things really made consider buying a ps5 until 2025. Having a Ps5 is great but seeing all the changes in my house right now, is worth it and ps5 can really wait until GTA VI is out. Thats the 1 game that will motivate me to get it asap.
Yesterday, I made an updated list of 2022 to 2025 games that I plan to buy, so I won't be that far behind neXt year when I started to clear that list, and so far, its only 15 games and thats if 5 from that list, are out either later this year or neXt year. When I caught up to ps3/4 games, Ive managed to catch up to 70+ games which is a lot in hindsight. So if I could do that, I also could do that to ps5 games.
Also 1 factor is most ps5 games are still so freaking eXpensive. The cheapest I saw the other day (that I plan to buy) is Gotham Knights... which is still over $45.