I'm 57 and I am riding a custom Serotta Legend ST. I ride a custom because I had a lot of trouble with joints, muscles, etc on my off the rack Lemond. Made all the difference in the world. Also added Zero pedals which allow knee comforting foot rotation.
I try as much as possible to eat whole foods. I take glucose amine/chondritin, saw palmetto, vit's C, E, and a mineral supplement. I think the diet is much more important than the supplements.
I rode as a kid, and then in college. I didn't take up riding again until two years ago. I have far less potential than I did when I was in college, but I am far more disciplined now. No way that college kid could keep up with the "old" me.
I started riding again after drinking too much wine at a 35th high school reunion. One of my old classmates lives in Seattle, and he suggested we ride the STP (Seattle to Portland), which was about a year away at the time. It's a 200 mile (double century) ride, and we planned to due it in 2 days. Long story short, we got to the half-way point and decided we could do it in one day. We did but parts of me were trashed. I then rode in the Napa Century Ride that includes a lot of climbing and trashed my legs further. Spent the winter rehabilitating with weights, and got the custom bike. This year was entirely different. Rode about 2500 preparing for the STP, and had no trouble with it. Did the Napa ride without any problems. I rode about 2500 miles last year, and I will do about 4000 this year. I ride at least three times a week, with one long ride (60-100) on the weekend.
If I may offer advice to my fellow "old folks" - eat well, drink plenty of red wine (but not when you're riding), join a club and find people who challenge you (might even be some young whipersnappers), and set goals. You will be amazed at what you are capable of.