Superannuate (verb)

1. To retire or dismiss (someone) from a job or position because of age or disability.
2. To render someone or something obsolete or redundant.

Origin:

From latin superannuus meaning old, past the prime of life, from super- ("over, beyond") + annus ("yea.r")

Examples:

1. He was superannuated after working for the company for 30 years.
2. The company superannuated many of its older employees.
3. The technology was superannuated by the new software.
4. The teacher was superannuated due to his health issues.
5. The company decided to superannuate the old model of the car.