Today, it really starts getting tough at 40.
You know, my husband and I were just talking about this the other day. We both just turned 40 and we can already see the writing on the wall for what the future holds. Currently, I work only one day a week to stay home with the kids, but we both work for the same company. Their MO has become very clear: once you start accumalating vacation time and benefits and hit 50/55, you can expect a visit from upper management telling you that you have been 're-assigned'. They don't fire you per se, they just make your life so miserable that out of depseration you do quit and try your luck finding another job, only to be faced with more age discrimination. This has happened to several of his older friends and co-workers. Basically, they only want new, 20 something grads with no family and lots of debt so they are willing to work as much and under any conditions. Experience means nothing anymore, and in fact, has become a liability. We have always saved aggressively and lived within our means. I have wanted to build a nicer house for years, but especailly now that my husband turned 40, he says we will never be able to afford to since we need to save for the inevitable.
One drawback of having experience or job skills is that employers will sometimes look at the resume and (without someone even stating their going rate) will say, "You're asking too much." Never thinking that maybe that person is just looking for a job at almost any wage.