Phil is 70 today, and Steve only a year younger, so it's not really that surprising, and it sounds as if Phil has lots of recording projects either started or that he wants to do, and the touring is getting in the way (reading between the lines). I guess at some point anno domini catches up, and you realise that you can't put these things off forever, and always think that you can do them next year...
Well I retired at 63 so can't really complain!! Best wishes to them.These things aren't always as final as they sound at the time