John, after I posted my answer
@Amornrat *********
, posted that they'd seen it done twice so that means it can be done.
You're NOT getting a new visa or anything all you're doing is changing the REASON for your extension. You're going from an extension based on employment to one based on being over 50.
You only need the TM.7 application for extension and the correct documentation required by the immigration office for an extension of stay based on being over 50 (retirement).