What you rather produce hit songs or a "classic" record?
Good question. The truth is it doesn't matter what you write or produce, if your paperwork isn't in order to receive credit for that output, then its irrelevant.
Case-In-Point: Grandmaster Caz wrote Rappers Delight for the Sugar Hill Gang, but he didn't have any type of split-sheet or paperwork on the record, so now he comes across as a bitter old man.
D.O.C. wrote a large portion of a "classic" record called Doggystyle. Not saying that D.O.C. is down and out, but he's definitely not living like Snoop Dogg.
Scarface claims to have produced a lot of the Geto Boys early hits including "Mind Playing Tricks On Me". The list goes on.
Today's artists benefit from hit records because it opens the doors for so many other ventures that bring in revenue. Licensing deals, merch deals, ringtone, pitching products, VH1 will give anyone a reality show these days.
Classics today, in my opinion, have been redefined - it's not what we once knew because music is being re-packaged and delivered as singles or package deals and not cohesive projects/album.
That being said - A group from the 80's and 90's with "classic" records can make a living touring Europe until their 70 years old.