Sure.
It’s easy to see that situation unfold.
It’s also easy to prevent it.
It’s called a Savings Account.

There’s a reason why folks are told by every financial advisor on the planet (and plain common sense) to have at least 6 months worth of income available in a savings account (or the like). By “45-50ish” years of age, most every “engineers and white collar folks” (especially) should have easily been able to accomplish this.

Also - I think Hatt’s post #4 pretty much covers it all.

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1980 300D - Veggie Burner !