There's a lot of truth to that. I've seen some older people who had very high titles in their company, even as high as CFO, have a lot of trouble getting work after getting laid off in their 50s/60s.

I think what happens is that most of your value became your insider knowledge of how your company operates. But that doesn't always translate to a new company. You might also be accustomed to older ways of doing things, if you're coming from an older well-established but low-tech company