Having a process in place to make that decision will help you make one in line with your financial goals....
https://www.twincities.com/2020/11/14/your-money-should-your-layoff-become-your-retirement/
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Can't read the whole article because a subscription is required. My answer to the question of using a layoff to become my retirement is an ABSOLUTE YES!!!! Then again, I'm old (59 1/2+) enough to draw from my 401K (Anyone laid off check into the 55 rule, which surprisingly more people don't know about. It enables you to withdraw from your 401K at age 55 without penalty in the event you were laid off). My two kids have graduated college fortunately both debt free and I have two paid off homes. Started with nothing and I'm certainly not rich but never needed a big homes, fancy cars or expensive vacations. Did all my own home repairs instead of paying for them. You Tube shows you how to do everything when I didn't know it myself. Also, having ONE spouse has helped a great deal too :) Put my money away over 40 years of working and I'm about to become my own BOSS before 60. Not a difficult formula to follow just need to be persistent. Too many folks I've worked with over time tried to do the get rich quick routine and 99% of them with be all working well into their 70's to catch up for time lost. Good luck to ALL who get laid off!! Key is to get back on the horse as quick as possible... make LEMONADE out of those lemons!!!