We just found out a friend has lost her job.
She is 43 yrs old, single and has been working in her industry for 17 yrs. No one in the office saw it coming.
The business is going to shut down with no attempts to sell it as the owner has had enough and just wants to retire.
She just bought a house 2 yrs ago. There is little equity and the mortgage is a slight stretch as it is.
I don't know if she'll want to sell and downsize. Her industry is one that has been steadily declining over the last 5 years.
There will be severance and unemployment insurance after but the real challenge will be income replacement for her position is pretty high up and not the easiest to find.
A lower paying job in the same industry may not pay the bills.
I told her that being single can mean flexibility with job location. As much as she may not wish to move, she can, if the right opportunity comes up.