What should you do with your money to prepare for a recession?

Soaring inflation, painfully high gas prices, and fear of a looming recession have many Americans worrying about their financial security. 

"If you have inflation and a recession combined together, it's a whole different beast," said Sam Zimmerman, CEO of Sagewell Financial, a banking company geared toward seniors. "This is a time for action. The quicker you move, the more agency you have in reducing the impact of a recession."

In recent days, both President Biden and U.S. Treasury Secretary Janet Yellen have made public statements seeking to ease concerns about the economy.