How to plan for inevitable layoff
My career as of now is centered around supporting a specific software stack, however after an acquisition it is clear this is no longer viable. Long story short, barring some potential scenarios, I will probably be laid off in the next 1-3 years.
I don't see myself finding another job making what I make now. I only have a 2 year college degree, but have obtained some certifications along the way. That isn't to say I won't be able to find another job, but it could be a cut up to half of what I make now.
So my question is how do I plan for this? Ive been contributing as much as I can to my 401k for a while now, I'm In my mid 40s. Net worth is around 750k with the majority in my 401k, close to 500k. We have 1 car with a payment (recent purchase, owe 15k) and 110k left yet on our mortgage. Our emergency fund needs some work, but it's a top priority, trying to get that at least to 20k (at 10 now).
A worst case scenario would be we inherited my wife's father's property a while back, we could sell our current house, walk away with 275 - 300k and have no mortgage. Could maybe put that in a fund and just try to get by paying the bills.
Curious if anyone here had regrets after they knew a layoff was coming, and what they would of done differently.