It wasn't flawed. It was a necessity until very recently. Most people in the tech field fail to realize that most "jobs" are actually back breaking physical labor. Whether that is working a mile underground or standing on your feet for 8 hours. It beats the body up. So you pound the pavement for 40+ years until your body says I can't do this anymore. Now what do you do? You exit the circuit and let another person pound it out for 40 years.

And that is what retirement is about for most people. Not you complaining that tech companies won't hire you. But you've been doing this too long and your back is shot.