Red dwarfs may be very late in their evolution, but they aren’t necessarily old stars. They’re just as likely to be older (in years, not in their development) than the sun than younger. How long a star remains on the main-sequence (stable in energy output and with ample nuclear fuel reserves) depends solely on its mass at birth. Small, cool stars are more likely to form, AND they live much longer, than massive (and brighter) ones. That’s why red dwarfs are so common.

True, red dwarfs are exceedingly common, stable, and extravagantly long-lived. But they also have extremely narrow habitable zones because they are so intrinsically cool and faint. Sol’s habzone has three planets in it! The chances that a suitable planet would form in a narrow red dwarf habzone are diminishingly small. And the slightest eccentricity in its orbit would send it dipping in and out of the zone periodically–not conducive to life! Not only that, a red dwarf habzone is so close to the primary an earthlike world would be tidally locked onto the star, and keep one face in perpetual light, the other in eternal darkness. How this asymmetry would affect weather and climate is anyone’s guess, but I suspect on the sunny side the water would be boiling vapor, while on the darkside it would snow out. Arid, hot desert or dark glacier, take your pick.

There are other factors, too. Red dwarfs are prone to frequent violent flares (at least, in relation to the low energy output of the star) which would boil off any atmosphere those extremely nearby planets there might have.

Although its possible that life might arise and flourish on these worlds, it is not clear how the obstacles I alluded to modulate the positive aspects Dr Shostak points out. All these parameters (age, stability, habzone width, total numbers) interact in complex ways in the Drake Equation. I suspect the resonance point in the mathematical space described by Drake where other life is likely to arise is not too far from our own Sun. Red dwarf life is not impossible, just highly improbable–particularly sentient life.

On the other hand, any spacefaring species looking for a new home would be wise to find a red dwarf to colonize. A planet in the habzone would be vacant, sterile, could be terraformed, or an orbital habitat could be constructed wherever it was convenient. The star would provide dependable energy and a stable environment for billions of years and would not stand out too much in the event anonymity, peace and quiet and privacy were desirable.

It sounds like a good place to retire, and to hide from dangerous or low-life neighbors.