The job market is never very welcoming there is always going to be a lot of competition, either from peers or from abroad.

I stopped being employable somewhere in my early 20's and I still think that is the best thing that happened to me. It made me think of life not in terms of jobs but in terms of capabilities. You can learn new things and you can pick up new marketable skills and change careers. I did it when I was 42, I see no reason why it could not be done at 50 or older. In fact I know a couple of nice examples of people older than 50 that made radical (and lucrative) career changes.

It's really up to you, your appetite for risk and how much energy you can muster. At 50+ you probably have an advantage over 20 year olds trying to do the same except for the energy factor.