I took my test (second try) a year ago at age 42.
I did realize I had limitations, namely my memory is not being as sharp as it used to be before, and my being a right-brainer in general, which means inherent math anxiety.
I did not realize I needed some special age-adjusted approach to the test. So, I did it the old-school way: studied as much and hard as I could, given obligations of full-time job and family. I used quite I few books, but from my experience I got the most help from Princeton Review Cracking the GMAT, the
OG were quite good as they contain actual test questions, albeit retired. I also purchased a book on VICs from
Manhattan GMAT. I found it very helpful. And I did all CAT simulations I could put my hands on: from the books, this forum, MBA dot com
I got the same 550 on the first try as you did. After 2 more months of preparation I got 610 on the second sitting. That was a safe score for two out of my 3 target schools. Admittedly, I was applying to part-time MBA programs.
Now I am a part-time MBA student at George Washington University School of Business. By the way, I am running blog on my MBA experience - the link is in my signature. I know now you can not think of anything, but your application process. But when you have time you can peek on what MBA may be like, once you overcome the admission hurdles.
To PHDGMAT2009: From my experience 38 and 42 is not the same. I have been doing a lot of studying around 38-40 for IT certifications. I can attest that my memory worked better then than now, even though it was just 3-4 years ago. So wait and see in 4-5 years