I cannot imagine a worse nightmare. Being laid off and over 50 no pension no retirement savings! There are not many viable alternatives for someone in this situation. Obviously the first thing they need to do is find another job. Aside from finding another job, they need to also really think about what they will do later in life. How will they afford to live? Where will they live and how will they pay for groceries etc. There are so many questions, bit bottom line is life will be difficult unless they find a solution to their problems.
The following are a list of steps that can be considered to minimize the impact during retirement. Even by taking these actions and working hard at them, life will still be difficult. Here are the ideas we have for someone in this situation: