The biggest problem: You begin with your body bent forward at the hips, and then straighten your hips as you pull the weight from the floor. It takes a lot of strength in your hip and torso muscles to keep your lower back in a safe position. If it shifts out of its natural arch at the beginning, and then moves back into it at the end, the risk of a disc injury is astronomical.
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Pushups: This exercise works the same muscles as the chest press, but it also stretches them while training the core muscles to stabilize your torso and protect your lower back. Not many older people can do traditional pushups, with your hands and feet on the floor. Fortunately, you can make it easier without losing any benefits by elevating your hands on a bench or step, a kitchen counter, or even a wall. Check out the elevated pushup in the video below.