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Putting extra funds aside is never a bad idea.
Prepare with an emergency fund to cover six months to a year of essential costs.
Take action today and youll rest easier knowing it’s possible for you to steer any challenges ahead.
My advice: focus on paying off high-interest debts now while the economy is strong.
This minimizes bills and providesmore cash flow flexibilitylater, Grayes said.
A lower debt burden means fewer liabilities whenever your income level declines, Rynsburger added.
Developmultiple income streamsin case your part-time work dries up.
Some innovative retirees have monetized their skills through online platforms, creating recession-resistant side hustles, Salahi said.
Mental and social connectionsprovide security during hard times, she said.
By doing so, you prepare yourself for any challenges that might arise soon, Rynsburger said.
At least you might count on that money no matter what happens economically.
Reduce Expenses
Dont wait until youre scrambling to cut costs reduce your expenses now.
The key to being prepared is to be proactive.
By implementing these strategies, Social Security recipients can create a financial buffer capable of withstanding recessionary pressures.
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