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Players at retirement age

So, I just bought a player over the retirement age. I have no plans on retiring him but what are the effects of this?
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Players over retirement age will lose skill quite rapidly, like -0.35 or something per day (without coach sessions).
So you might consider buying younger players
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You can extend their contracts until they hit 25. After the contract ends, they just vanish.
You can also make them retire in their profile under "more info about this player" -tab.