Thanks for your comment FLYINTHESKY. I quite understand your point.
Two points: we are talking about a relatively small proportion of the flying fraternity who would still be interested in flying a few years more. I am only guessing but I would estimate maybe 20% maximum? And of those only a few would want to work full time, maybe because they did not benefit from the 'golden days' to which you refer by starting late and need the money.
Secondly, as you correctly point out, we all slow down as we get older but there are very wide variations. Assuming you can hold that Class 1 medical there is the small obstacle of the LPC. If this is conducted to specified standards then if you are not up to it you will fail...and that will be that. That is what these hurdles are there for, after all.