So say you are 58-yo male recently divorced and you get laid off. You start using your savings to keep the creditors at bay. Then, nobody will hire you.... because you know.... you are too "experienced".
At 58 one should be debt free, and have been for more then 10 years.
In the future, ppl's labor will have no value because that work can be assigned to automatrons. And then, the owners of those automatrons will have all the power.
Competition among the owners will continue to create some labor demand. An owner of a horse drawn combine probably did quite well renting out his product in the 1850s but his inheritors won't get much business compared to an owner of a 21st century GPS guided combine.