Losing a job is tough at any age, but it can be particularly scary and challenging for workers who are in their 50's and approaching retirement age. Older workers can have a tough time finding a new job due to age discrimination and many times won't find a job that pays as much.

As much as you may not want to think about it happening to you, or maybe you just really don't think it will, it can't hurt to be prepared just in case you face a job loss before retirement. Below are some steps you can take now in order to prepare and protect yourself, highlighted in an article from CNBC.

Build job skills

Don't wait until after you lose a job to learn new skills or add certifications. Do this while you're employed and take advantage of any training or compensation your employer may offer. You'll not only be more valuable to your employer, but if you do lose your job, you'll already be at the top of your game and in a better position to find a new job quickly.

Get on track with goals

You may not get a choice as to when exactly you'll retire, so rather than count on steady earnings throughout your 50s and 60s, try and get a head of the game with your savings...if you can. You'll be more prepared if you do lose a job or are forced to retire a bit early for whatever reason.

Diversify your savings

If you're in a career where finding a replacement job would be particularly tough, it's recommended to set aside more than the normal three to six months' expense money. Also consider building up a taxable bucket of retirement savings that you could tap into if needed because of a job loss.

Pay down debt

Eliminating debt before retirement is a smart idea, and it could help if you face a job loss. Being debt-free reduces your monthly expenses and could help you stretch your finances.

If you do face a job loss, here are some money moves to consider.

Slash your budget

You should cut down your expenses right away to help stretch your savings, in case your job hunt goes on longer than expected. It's easy to think you'll find a job right away but that may not be the case. Cutting your everyday costs can help avoid bigger moves down the line, such as downsizing, tapping into retirement funds or exploring your options with a bankruptcy lawyer.

Reprioritize goals

Experiencing a late career job loss may affect your priorities and goals. It may not be financially feasible to help as much or at all with, say, your kid's college costs. You may need to reassess and have tough conversations. You need to take care of yourself and your retirement first.

Assess timeline and tradeoffs

Look at your finances and know how long your savings can carry you until you may need to compromise. You may need to look for a lower-paying job, possibly in a different field or a different location.

Be open to stop-gap income

Maybe you can pick up some side work while searching for a replacement job. Be open to different opportunities, such as driving for Uber, bartending or a being a retail associate. The extra income will help stretch your savings and you may even enjoy it.