That's only if you're trying to get an "entry level" job.
Anyone looking to become a VP, President, CEO or manager is likely to be considered based upon having experience and delivering great results in the past.
This last major recession however I have read articles where companies refused to interview people who were not presently working or who had been out of work for 6 months or longer.
I've also noted some companies have found ways to get around age discrimination by stating requirements or descriptions as "must have 3 years or (less) experience.", "Need bright energetic person to work in a fun fast paced environment. Recent college grads encouraged to apply." They also believe older hires are only interested in working low level positions until they can find something better. Companies don't believe they intend to work their way up the ranks. "Where do you see yourself in five years?" ------- "Retired".
Without saying it they're saying; "We're NOT looking for some 55 year old man or woman!"
Depending on one's expertise after you get into your 40s, 50s, and beyond job hunting can become a nightmare. You're seen as being old by companies and the government says you're too young to receive social security benefits. Many people are forced into becoming entrepreneurs.
It's not uncommon for an older person cut off some job experience on their resume if it goes beyond showing a 15 to 20 year work experience. Another common tactic is to list one's most recent graduation date. For instance if you got your B.S. in 1980 but did not go back and earn you Masters until 2004 you would list your college grad year as 2004 just to get in the door.
People find themselves interviewing with managers that are in their late 20s or early 30s who may be intimidated by one's experience or simply feel uncomfortable supervising someone old enough to be their father or mother.