Time for a change?

Now might be the time to weigh a career change. Consider your skills. What other jobs might you be qualified for? Also think broadly about what you really want to do with your life. To help with that, Levit recommends writing a self-assessment that lists what kind of work excites you, the type of environment you like to work in, and what your skills are. If that sounds too touchy-feely, write down 10 priorities for your new job, such as "doesn't require relocating to another city" or "allows flexible scheduling." Use your criteria to refine your search by position and employer. Try to be true to what you've written so that you don't accept a job that's a bad fit.

If you're considering changing careers and need more info, check out the Bureau of Labor Statistics' Occupational Outlook Handbook (www.bls.gov/oco), which provides in-depth data, including salary ranges, about careers you might not have thought of.

If you decide to try a new occupation, consider asking to "shadow" someone who already has that job or consider volunteering your time to get a foot in the door. You might even think about applying for an internship, if one is available. "All of these things used to be just for students—now people are doing them mid-career," Levit says.

Beth LaMie, an IBM manager who spent much of her time on the road visiting clients, was tired of all the travel but planned to work for five more years before retiring. In June 2007 she learned her job was being outsourced.

"I was bitter," says LaMie, now 61. "I also was very burnt out."

As part of her severance package, LaMie got a retraining allowance. She decided to take writing classes at the University of Chicago.

"It was a little bit intimidating," she says. "It had been a while since I had taken college courses. Among the other students, a couple were my age, but mostly they were in their 20s and 30s."

She decided she wanted to make her living as a writer, and when a friend offered to hire LaMie to write her grandmother's life story, she launched a business as a personal historian.

Now LaMie gets commissioned to write everything from brief memoirs to full life stories. She also conducts seminars and workshops on how to capture family history. "Getting laid off was really a blessing in disguise," she says.

Like LaMie, many people who lose their jobs think about starting their own businesses. Of course, the risk can be great. According to the U.S. Small Business Administration, 50 percent of small businesses fail within five years, and even ones that succeed might not generate enough steady cash for the owner to take a regular salary.

But if that's the path you want to take, career advisers suggest thinking creatively about how your existing skills might form the basis of a new business. That's what Sheila Henry did.

A project manager at Motorola, Henry had been asked to find ways to control the company's gigantic cell-phone bills. She started but then Motorola decided to outsource the project.

"A lightbulb went off," says Henry, 35. "That was the kind of contract I wanted to get." She already had an outline for how to do the job, and she knew it was something that companies were interested in paying for.

Henry's job ended in July 2008. She opted not to look for another position inside the company because with two children she wanted flexibility. She created ThoughtWorthi Solutions, to work with midsized companies that want to reduce wireless-phone expenses. She has one contract and hopes to have six clients by the end of the year. For now, though, she is relying on her husband's income and her severance check to pay the bills and fund her business.

Her advice to those who find themselves out of a job: "Don't let the fear take over. There's hope for the future."

As for Johnson, the marketing executive, she got over her shock and moved on. After four months of job hunting, she landed a marketing position with a company that does employee background checks.

"I love it," she says. "The people are great. I'm a firm believer in everything happening for a reason."