The study involved than 3 000 people between the ages of 51 and 61, studied by the Yale University School of Medicine. It was found that involuntary job less and associated stresses have become common experiences for American workers, particularly older ones. There’s little reason to suppose that things look any different in the South African workplace, where an uncertain economy has led to many retrenchments.

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Older people tend to be unemployed for far longer, says the study. Older peoples’ skills are also not always as transferable to new positions, which could lead to a reduction in their income, even when they find new employment. As people usually accumulate a significant chunk of their retirement wealth in the decade before their retirement, retrenchment during this time could lead to significant financial losses.

Often, older people who are single get hit very hard by retrenchment, as they sometimes lack the social support that married people have. Often, there is a perception that work keeps people young and gives them a purpose. On retirement, it is always a good idea to keep being actively involved with the community in some way, the study found.

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