Personal opinion only, not based on any research, just gut feel:
Pilots over age 60 who do not have seniority-protected status mostly won't get back into the game for various reasons.
1. They don't want the hassle of all the revalidation training and checks that will be required
2. Some (not all), who have been hanging on at minimum standard anyway, simply won't make the grade
3. They have found that they rather like golf five days a week, tinkering with old cars, sailing, playing with the grandchildren
4. Those who in the past have rolled over and only kept flying to pay off multiple ex-wives will say "enough" to the lawyers and simply default on their alimony
]5. Recognition of dwindling years remaining to complete bucket list items will motivate some to take off to wherever the above-mentioned lawyers can't touch them anyway (I am told one can live well and cheaply in Costa Rica)
At the other end of the experience/age spectrum: for a low-hour 'newbie' it is certainly not rosy in the short to mid term, with so many experienced pilots available who will crawl over broken glass and sell their mother-in-law as a sex slave for an airline flying job. This won't be lost on airline managements who will exploit it to the max. At what point will airline recruitment and conditions start to favor low time pilots? It seems no one really knows - guesstimates seem to vary from no less than two years to five or more years.
I always recommend that a pilot determined to remain in the game during any downturn must be prepared to fall back on any G.A. job going, as current experience wins over someone with two or three years of sitting on the beach hoping for a gig. The worse the location (forget that nice city or coastal resort town), the older the equipment (40 year old clunkers rock), the tougher the employer (the tough ones in GA tend to remain in business), the better your chances of a job.
Good luck, don't give up just yet!