You assume he has dementia because he’s old and retired?
Sad as it is, when stars from classic Hollywood stop being visible but are still known to be alive at a highly advanced age, dementia is often the case. Gene Hackman, Gene Wilder, and Jack Nicholson are notable cases, and I just assumed Beatty was similar.
There seems to be a popular view nowadays that most old people grow to be senile (just look at any online discussion of old politicians for example). This is not the case!