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Talks of recession stoke fear in many retirees. They may be on a fixed income or nervous that an economic downturn could significantly impact their retirement plans.

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Current headlines reveal a growing concern that a recession is near. J.P. Morgan recently noted the probability of a recession in 2025 is 60%. Similarly, a new Ipsos poll revealed 61% of Americans believe an economic slump will occur in 2025.

There’s still time to prepare, though. Here are five ways retirees can recession-proof their finances to weather a potential storm.

Grow Your Savings

It’s vital to have cash on hand during a recession. This is especially so for seniors concerned about facing unexpected expenses or increased healthcare costs. Bolstering cash reserves can potentially keep retirees from having to sell stocks during a recession to access funds.

Many experts, like those at AARP, recommend having an emergency savings of at least six to nine months of living expenses. Concerned retirees may want to increase that to at least 12 months or more to provide enough protection. It’s best to put the funds in a high-yield savings account to maximize interest.

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Don’t Be Rash With Investments

It’s easy to read the headlines about the stock market and feel it’s necessary to sell your holdings. While a natural reaction, the knee-jerk action can betray years of planning. Selling on bad days commonly only locks in losses.

Instead of rushing to judgment, now is the time to consult with your financial advisor to identify if any tweaks are necessary to your portfolio. Some changes may be needed, but perform due diligence to not harm your overall portfolio. It’s scary to see down days, but it’s important to remember the stock market has a long history of recovery from a bear market.

Revisit Your Budget

Regularly reviewing a budget is typically a good thing. For retirees concerned about a potential recession, it’s important to review spending. There’s no telling how long a pullback will last, so freeing up additional funds can assist in growing cash reserves.

This doesn’t mean it’s necessary to cancel a planned vacation, but identify non-essential expenses you can curb to claw back some money. Perhaps it’s canceling a streaming service or reducing meals out by a small percentage. Cuts don’t always need to be permanent, but even temporary reductions can boost savings.

Consider a Part-Time Job

Part-time work may be the last thing many retirees want to consider. However, the right job provides an additional income stream and fortifies savings.

Americans receiving Social Security benefits should be aware of the income threshold at which point there’s a reduction in benefits. Recipients can earn up to $62,160 in 2025, depending on their retirement age, according to the Social Security Administration (SSA). Consider part-time jobs like tutoring or walking dogs to earn cash.

Attack Debt

When the economy contracts, high-interest consumer debt can be challenging to manage. Eliminating debt should be a priority for retirees concerned about a recession.

You don’t need to eradicate 100% of the debt, but work to reduce it as much as possible, as it’s a direct return on your money. Additionally, avoid adding to credit card debt now, as that will make freedom more difficult to achieve.

There’s no telling if a recession will actually occur. Following these steps will position retirees to weather the storm, and if a pullback doesn’t occur, be in a stronger financial position.

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This article originally appeared on GOBankingRates.com : 5 Smart Ways Retirees Can Prepare for a Recession