I am afraid that your quest for the fountain of youth will be about as fruitless
as your namesake's. There is no proven medical benefit to "conserving"
one's semen.
What your grandfather is referring to probably has its origins in various forms
of Eastern mysticism such as Tantra and Taoist sex. These practices emphasize
the fact that most men feel tired after they ejaculate. Therefore, it was
thought at first that avoiding ejaculation and learning to orgasm "internally"
would prevent a man from aging. However, you will note that none of these
writers are still alive: They died of old age just like everyone else.
Although Tantra and similar disciplines can enhance your relationships and
sexuality (and might have some health benefits), simply avoiding ejaculation
probably won't do any good. In fact, infrequent ejaculation has been linked to
prostate problems. Even the very notion of refraining from ejaculation is flawed,
since those men who do not ejaculate in other ways will usually have nighttime
seminal emissions. Not to worry, though -- you are constantly producing more semen.
I wouldn't want to break the news to your grandfather, but good genes and
healthy living were probably his secret. His determination not to ejaculate
was probably wasted.