Crunch hit on it, but from watching co-workers in their late 50s get laid off is far tougher than one would think package or not.
There is a close but not close enough aspect to it. That they would have been happy to work 5-7 more years and coast out on their terms. From the people I know they pretty much think their done in the corporate world given their age.
As others noted taking a seasoned connected person on contract for a junior was always out there. That is gone. So despite the financial part being doable, its the mental part of thinking your done and retired from corporate work too soon.
On a positive I have seen many come back on contract because they are the only ones that know what’s going on. So I would tell them to look for those opportunities. They totally exist and you can keep busy and make double what you made for a while.
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