I was very fortunate and landed an IT contract right after the bottom fell out of the economy (and after not getting paid for 3 months). Since I can see the shape that the economy is in i'm working very hard at staying at this company, and so far i've been able to turn a 6 month contract into two years of work (and maybe more).
Before that (during the 3 month no-pay period) I had my resume out on the various on-line resume places, and got absolutely no interest. It was eye opening. I am in a somewhat specialized IT job, with 20+ years of experience, but still the lack of any offers was very concerning.
I have considered whats going to happen after the contract runs out, and I feel that at 47 i'm probably going to have to reinvent myself. Which i've done before.
My wife and i have discussed the possible options, and we've prepared ourselves for the worst - which may include moving anywhere that a job takes us, and possible lifestyle changes.