I started lifting again in '79, still at it. I was also nervous about squatting when I started up again, for the reason you talk about, but I got over it. Turns out that form and full body workouts are the key to keeping one's back in good condition. I do full depth, Olympic style squats. Otherwise one doesn't get the full stretch in one's back. That said, I see no reason to get into really heavy weights unless one is racing and a sprinter. I stop at maybe 20# over bodyweight. Endurance cycling is my sport and I don't see that lifting heavier than that is helpful. Better to hold that weight and rep it out. I don't get all philosophical about it. I just tell folks, "Never quit."
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Results matter