Our high school cohort was just old enough to see the end of the “dinosaur” tech company era. This guy was a few years older than me (his younger brother was my age), I think he thought he was retiring with a gold watch or whatever.
It seems quaint now, but it was a thing. My dad’s friend was a GE lifer, they moved around the world like they were in the army to the next posting.
Today, we’re all more paranoid and mercenary, even govenrment workers jump ship.
I've worked with many people who were realistically less than 5 years from retirement, most of them were "trapped" but this was often by design. They knew they could ride out the next 5 years getting paid pretty well, having low stress, and the stability of this ensured that they'd hit their retirement financial numbers. Sometimes younger engineers fall into this trap, and that's when it's sad, often they don't even realize it and no one tells them.
In Latin America there's also a meme that lots of engineers have become Uber drivers. I have definitely chatted with more than a handful that were engineers. All of them said they hated programming classes too much during university, so they won't try to change to SE now, or to anything really.
I graduated as EE but immediately became SE. Ironically I also doubt that I could go back into being an EE now, so I'm also a bit "trapped".
Well, a lot of people warn of those, but you were one of the naive people who believed throwing your career on rusty crap was a way of "never ending unemployed" or you thought banks for some reason were the best technological choice option then I guess those are the consequences of your actions (not to mention the mental toll)
My one my high school classmates was a mechanical engineer who was one of the top guys for some semiconductor process that failed to scale and got abandoned. Got laid off and was unemployable. He sold herballife to go back to school and is a physical therapist now.
It happens in software too. Plenty of sad tales of geezers let go from banks and government who have legacy mainframe or middleware skills.