What is sad is people don't plan for it. Trust me, I was one of them. Always thinking I could get by, thinking it would be others, all until it hits you. My life literally crumbled when I was let go. It took about 2 weeks to recover mentally and physically. Every emotion in the world pouring through at every moment. While awake worrying about how to pay for things. Dreaming about losing everything while sleeping. But after that initial phase, reality sets in and you have to take control. You need to be surrounded by positive people and make realistic plans. For older workers it is 10x harder. It is more difficult to find work. The work you do find is well below what you were making. Economy is horrible, prices are high, and prospects of employment are limited. So many businesses laying off workers now.
I know for a position we are hiring for, we had 51 applicants and it was only open for a week. 40 were just dismissed because of qualifications. 6 others because the other 5 were much better. Of the 5, only 2 are being called in for interviews. It most likely will come down to which one is looking for a career or which one is looking to fill a gap. The one thing I have learned is people who come to where I am tend to stay when they see the overall picture: compensation about 15% lower, 401k match the same, solid pension, and much better medical.