Closer to 80 years actually. One of the problems of the movies is the apparent condensing of the timeline. It's around 17 years between Bilbo's 111th birthday and Frodo departing for Rivendell. (It was something of a point that Frodo left on an adventure at the same age Bilbo did.)
Not to mention he is the only person in the 13 Dwarves who actually possess intelligence? If it weren't for Bilbo at least one of the dwarves would have been eaten by the Trolls by the time this scene happen.