The water won't drain out of the tank unless you open a hot water outlet someplace in the house. E.g., turn the hot water on in the shower (none will come out of the shower.) Otherwise, it forms a vacuum inside the tank, preventing it from draining.
Once it's drained, you may want to keep the elements off, but with the drain valve open, flush it out with more water (turn on the inlet water.) It might also be worth checking out the anode if it's getting older.
If you flush it annually, and replace the anode when it gets low, I can't see a reason that a hot water tank couldn't last you 40 years.