How old do you have to be to reach the red line? The key is to keep doing technical stuff, avoid being management overhead. Why couldn't he say he was a cobol developer and learn how to do that for free over the internet?
I'm still at least moderately technical. a couple of years ago went to switch jobs and got 4 offers. I'm 50+ in Seattle, so there is some good tech going on here. I'm not the ceo, I'm not a distinguished engineer, but I can do some stuff.
Don't give up - find something technical. Avoid being just a a manager. It's easy to fall into that trap of no tech because it happens to a lot of us, that technical fire runs out after a while.