Employment Law Questions? Ask an Employment Lawyer.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
Unfortunately, absent any written contract to the contrary, you are an at will employee. Under the law, an at will employee may be fired for no reason at all or any reason at all as long as it is not based solely on the age/race/sex/disability/national origin and the employee has no legal recourse. Cutting costs, even if that means firing older workers, is not age discrimination, so it is financial basis for termination according to the courts, even if the worker being fired is an older worker.
There is no law providing for severance, but you can ask for a severance and that is up to the discretion of the employer. It is typically 1-2 weeks of pay per year of employment if it is granted.
Legally, what you are entitled to is any retirement plan you may have with the company and to any SS paid. I am afraid that legally that is all they have to provide you and there is no guarantee of employment for an at will employee I am afraid and certainly in today's job market there is no loyalty of an employer to a good employee either sadly.