Next--the Air Force does in fact have a career pilot track. Its called the Air National Guard. It is possible in some situations to be an ANG pilot and fly into your 40s or 50s. I could have probably flown the F15 until 2010 when it leaves Tyndall, but health issues with my back encouraged me to go ahead and retire. Some friends, however, will be 46-48 on their fini flights...
Yea, you're right but I was speaking about the active AF. However I will say this; after 20 years in the AF and several on the MD-11, I can honestly say the hardest working guys I've met are the ones flying full time for an airline while trying to fly in the Guard/Reserves.
Everyone's situation is unique but I think the best program the AF ever came up with was the Grey Beard program. Pretty simple, do your job and your required time in the staff, and you were rewarded with the last 3 years of 20 in the cockpit. Assuming you didn't want to be a general, everyone wins.