Anyone planning to retire this year is facing some serious economic challenges that they must consider, but it is important to remember that economies are cyclical and when dark clouds gather-- they will eventually pass. And this week on the Retirement Genius podcast, Chris rolls out a 10 Point Plan to Build a Recession-Proof Retirement:

1. Don’t panic sell.

2. Maintain an investment mix that keeps enough cash to cover 2 years of a retirement budget.

3. Look at investing in Bonds and Treasuries for higher yields over the next couple of years.

4. Pay down debt, especially credit cards or anything tied to an adjustable rate.

5. Time to re-evaluate and prioritize how you spend your money and get on a budget.

6. Hold off buying real estate or refinancing a mortgage.

7. Evaluate your entitlements such as Social Security and Medicare.

8. Provide security for the future by looking at insurance today.

9. Guarantee a lifetime income or funds for long-term care with annuities.

10. Look to assets as a possible source of income.