We are living in financially shaky times. Between rising inflation, tariffs, and unsettling dips in the stock market, many of us are quietly asking: Will I be okay if a recession hits?

For women especially, this question comes with a heavy emotional toll. A recent survey by the Employee Benefit Research Institute found:

•  40% of women report feeling unconfident in their retirement planning.
•  71% of women say preparing for retirement causes them stress, compared to 56% of men.

This growing anxiety has a name: Bag Lady Syndrome—the persistent fear of ending up broke and homeless, despite years of working, saving, and planning.

It’s not just a mindset. For those of us over 70, living on a fixed income, we may not have the time or tools to recoup major losses. For those still working, the prospect of delaying retirement is becoming more real by the day.

I do not want to open my financial statement. My financial planner is holding my hand as I grow more and more concerned.

There are ways to regain a sense of control. Here are five things we can do right now to prepare for potential economic turbulence:

• Revisit your budget and focus on needs versus wants.
•  Trim where you can.
•  Talk to a financial advisor for professional help.
•  Delay major purchases unless necessary.
•  Boost your emergency fund to at least 6 months of essential expenses.
•  Stay informed but avoid panic.

This isn’t about fear—it’s about readiness. It’s about making smart, informed choices to protect the future we’ve worked so hard for.

Have you felt this anxiety too? What steps are you taking to prepare?