Everyone's situation is different. When my job was eliminated, mostly because my industry was largely eliminated in the DC area, I knew I was "in trouble". I am the sole breadwinner, and have some severe medical issues. I was 50 at the time. What we did is moved. We sold our house in Virginia and moved to central FL. We bought a house with with the proceeds of the sale of our house, significantly reducing our expenses. In FL, I was able to easily find a lower paying job in my field (30% less money, but much lower cost of living). By easily, one phone call letting people know I was now in FL, and interested in work.
Now, while my income is lower, our expenses were much lower (no mortgage was 30% of net income).