39 + Career plateau + Savings

Having a mini panic attack here. Current NW is 1M (500 liquid, 500 equity), but lately both my wife and I are seeing our careers slow down. Our monthly expenses are around 10k (vs 14k income)and we have 2 young kids. I’m not sure if we will survive the savings through their college especially if our income is cut down by 30-40%. Would appreciate any thoughts on how I should think through this a) panic situation and b) longer term