The Text
It was claimed that the Prophet said: “No one reaches forty years in Islam except that Allah protects him from madness, leprosy and leucoderma. When he is fifty, Allah makes easy his reckoning. When he reaches sixty, Allah grants him repentance. When he reaches seventy, Allah loves him and the inhabitants of the heavens love him. When he reaches eighty, Allah accepts his good deeds and overlooks his sins. When he reaches ninety, Allah forgives his past and future sins, he is named ‘the prisoner of Allah on earth’ and is granted intercession (for forgiveness) for his family.” (Musnad Ahmad 2:89; Musnad Bazzar #3587-3589; Kitab uz-Zuhd of Imam Bayhaqi #650-652)
Short Answer
This hadith is not authentic due to its weak chain of narrators, nor does it align with what Islam teaches about Allah’s justice.
What the Scholars Said
Imam Ibn Ul-Jawzi says in Al-Mawdu`at (The Fabrications) that it is not authentic.
Imam Ash-Shawkani says in Al-Fawa’id Al-Majmu`ah min Al-Ahaadeeth Al-Mawdu`ah (Gathered Benefits about Fabricated Hadiths) that it is weak.
Shaykh Al-Albani says in Da`if Al-Jami` As-Saghir that it is weak.
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Shaykh Mustafa Umar