A study involving ninety-nine men who had been involuntarily separated from their jobs was done to analyze (1) what happens to a man over forty-five years old when he loses a job after having served with his current employer for at least five years; (2) what are the probabilities of his finding work within a reasonable period of time; (3) how likely is he to become discouraged and retire; (4) if he does find work, how does it compare with the previous job; and (5) what impact does the total experience have on his economic position and physical and mental well-being. Longitudinal data from the 1966 to 1973 National Longitudinal Surveys (NLS) of middle-aged men were used which provided the opportunity to observe men prior to and two years after their job separation and compare them to a matched control group of employees. The present study suggests that while job displacements during middle-age are not common, they occur frequently enough to constitute a social problem. No occupational or educational category of men is immune to this kind of career disruption. The major long-term impact of displacement appears to have been a substantial deterioration in occupational status. In addition to economic losses, the displaced workers suffered from deteriorating health and some sense of alienation. (EM)