Yes but he waited until his 50th to leave on his journey...
Moose
If you will remember.  A lot of time passed between when Frodo came into his inheritence and when he left.  Gandalf wanted Frodo to leave earlier, but Frodo wanted to stay around until his 50th birthday until he left.  He wanted his adventuring to begin the same time Bilbo's had. Sorta symbolic.
Later,
Amos
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