BS, because age discrimination happens in hiring too. You're part of the problem with your assumption.

Also, does this mean people in their 50s deserve to be broke? Most of us can't even afford to dream about retiring these days.

And again, age discrimination starts at forty. Almost nobody can afford to retire at forty. I know people who can't afford it at 70.

You will one day be part of the "no-longer-productive" demographic. Do you have the million or so in savings it takes to stop working?