Talk about the fear of a recession among many retirees. They may be on a fixed income or think that a recession may have a significant impact on their retirement plans.

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Current headlines reveal an increasing focus on the coming of a recession. JP Morgan recently pointed out that the likelihood of a recession in 2025 is 60%. Similarly, a new IPSOS poll shows that 61% of Americans believe that an economic downturn will occur in 2025.

However, there is still time to prepare. Here are five ways retirees can decline to prevent potential storms.

It is crucial to have cash during a recession. This is especially true for older people who are worried about facing unexpected spending or increasing health care costs. Strengthening cash reserves can force retirees to sell stocks to obtain funds during the recession.

Many experts, such as those of AARP, recommend emergency savings of at least six to nine months of living expenses. Retirees concerned may wish to raise it to at least 12 months or more to provide adequate protection. It is best to put funds into a high-yield savings account to maximize interest rates.

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It's easy to read headlines about the stock market and think it's necessary to sell your shares. Although natural reactions, knee movements can betray years of plans. Selling on bad days usually only locks in losses.

It is time to consult your financial advisor to determine if your portfolio requires any adjustments, but rather it is time to consult your financial advisor. Some changes may be required, but due diligence is required to not harm your overall portfolio. It’s really scary to see the days of falling, but it’s important to remember that the stock market has a long history of recovering from bear markets.

Regular budget reviews are often a good thing. For retirees who care about potential recessions, it is important to review spending. No one knows how long the callback will last, so releasing additional funds can help increase cash reserves.

This doesn’t mean it’s necessary to cancel planned holidays, but rather to make sure you can curb the non-essential fees to retract some money. Maybe it's canceling streaming services or reducing a small portion of meals. Cuts don't always need to be permanent, but even temporary reductions can improve savings.

Part-time jobs may be the last thing many retirees want to consider. However, the right job provides an additional source of income and saves savings.