No. This is not correct at all.
Abstinence means no meat
Fasting means one regular sized meal and two smaller meals which do not equal one regular sized meal. The norm in canon law is that this is binding from one’s majority (one’s 18th birthday) until the start of one’s sixtieth year, which means it ends with one’s 59th birthday as is already quoted in canon 1252. Why are you saying the age limit is 55?
The current legislation in the United States admits of abstinence together with fasting on Ash Wednesday and Good Friday and abstinence on the other Fridays of Lent. The legislation does not presently mandate fasting without the accompanying abstinence.
From the US Conference of Catholic Bishops:
For members of the Latin Catholic Church, the norms on fasting are obligatory from age 18 until age 59. When fasting, a person is permitted to eat one full meal, as well as two smaller meals that together are not equal to a full meal. The norms concerning abstinence from meat are binding upon members of the Latin Catholic Church from age 14 onwards.
The exercise of penance – which is NOT the sacrament of penance – on every Friday of the year, including Lent, is delineated in the post above, according to the norms of Canon Law, specifically canon 1250-1253, already quoted in full in this thread, and per the regulations of the competent conference of bishops, taking into account as necessary particular law promulgated by the diocesan bishop. It is placed in the Code precisely in Book IV, Part III, Title II, Chapter II, which is entitled: DAYS OF PENANCE.
The norms are dispositive:
usccb.org/prayer-and-worship/liturgical-year/lent/us-bishops-pastoral-statement-on-penance-and-abstinence.cfm