Not only do most companied discriminate in not hiring those over 50, if you are already there, the companies try to get rid of you, thru early retirement, or any excuse.
It has been my experience that most men who have been working since they were teenagers, WANT to work. They dont want to retire, they dont want to sit at home and draw benefits. Your fears are unfounded that it will be abused. Yes, certain classes of people want to live on welfare for life, but the rest of us were brought up on the work ethic, and want to work as long as we can.
There should not be any age limit to drawing unemployment or social security benefits.