Bob Dylan is giving away his latest album for free to select seniors with the 73-year-old legend saying he’s at peace with getting older.

Dylan’s 36th studio album, Shadows in the Night, which interprets songs by Frank Sinatra, will be mailed at random to 50,000 readers of AARP’s magazine, which is sent to about 35 million Americans 50 or older.

• Dylan pulls no punches in powerful concert

Speaking to the magazine in a rare interview, Dylan expected members of the AARP – which originally stood for the American Association of Retired Persons – would enjoy the album and said he has learned “passion is a young man’s game”.

“Older people gotta be more wise. I mean, you’re around awhile, you leave certain things to the young. Don’t try to act like you’re young. You could really hurt yourself,” said Dylan, who nonetheless maintains a rigorous touring schedule.

Dylan’s move on Shadows in the Night, which goes on sale on February 3, comes after U2 last year gave its album for free to the half billion users of iTunes.

Apple had hoped the surprise gift would promote its latest iPhone but instead received many complaints by users who did not want to hear from the Irish superstars.

Dylan, who was a major figure in the 1960s counterculture but has not directly affiliated himself with political movements, also called in the AARP interview for wealthy Americans to do more to create jobs.

“The government’s not going to create jobs. It doesn’t have to. People have to create jobs, and these big billionaires are the ones who can do it,” he said.