After going through multiple surplus and large scale outsource deals with AT&T for the last 10 years (some were not known outside of our business unit), I personally got into the mindset to save more and live on less. It also doesn’t hurt to get a feel ahead of time for what jobs are in the market in your area and to start networking. I’m sure it has been said, but no one should be caught off guard now.
As an aside, they will cut too deep(and already have in some places).
The folks left with the skills and experience who are left to pick up the slack created will start leaving en masse especially if they were hired after they stopped offering a pension or are too far away to think it is likely they will make it.