Paul Gores

Milwaukee Journal Sentinel

No one is sure when it will happen or exactly what might trigger it, but more and more economists are including a recession in their extended forecasts.

They say it's inevitable.

"Now is the time to make hay while the sun shines. The economy is not always going to be as good as it is now, and we are not immune from economic cycles," said Greg McBride, chief financial analyst for the personal finance website Bankrate.com.

RELATED:It may be a year or two away, but some economists already see recession on the horizon

Here are some tips from McBride to prepare for — or deal with — an economy that eventually goes sour:

If you're retired or expect to retire soon

Put what you'll need to pay the bills during your first few years of your retirement in cash investments like CDs, savings accounts and money markets. "The biggest portfolio killer is having to take withdrawals in a down market. Those assets are not positioned to benefit from any rebound," McBride said.

If you're saving for college

Save more, and make sure savings are in the appropriate types of accounts as college nears. "You don't want to be positioned 100 percent in stocks and at risk of a market downturn right when your child is going off to college," McBride said.

If you're paying a mortgage

Don't pay off the mortgage. "If we have an economic downturn the one thing you're going to need more than anything else is liquidity. If you lose your job, money in the bank will pay the bills, but home equity will not," McBride said.

If you're paying student loans

Pay down private student loans, particularly variable-rate private student loans. Also look at doing a debt consolidation on a fixed interest rate. "There's no urgency to pay down federal student loans. They have a lot of favorable provisions in the event of an economic downturn," McBride said.

If the economy is tanking, and you're worried about the makeup of your 401(k)

If you're in your 20s, 30s or 40s, save more because you'll be able to buy investments at lower prices. If you're in your late 50s or beyond, make sure money you expect to withdraw is in cash or very low-risk investments. "You don't want to be selling stocks in a declining market," McBride said.