After being inactive for yrs starting cycling again about 60 min/day but lately have had terrible thigh pains, am i overdoing it?

Yes: Quite possibly. You should seek medical evaluation before continuing your exercise program. If everything checks out okay, you should decrease your duration and intensity to a very minimal level. Include adequate warm-up and cool-down. Gradually increase your duration and intensity as your endurance increases and you can perform the exercises without such pain.

Yes.: You're probably doing too much, too soon. Try cycling every other day. Ice the thighs for 20 minutes after you ride. It should get better.