A recession could upend retirement plans. Taking these steps can help [Video]

With the Federal Reserve poised to start cutting interest rates, experts are divided on what’s ahead for the U.S. economy.

While some worry the economy could be in for a broad decline, or recession, others hope the central bank can effectively avoid a downturn and execute a “soft landing.”

For people who are in or near retirement, the stakes are particularly high when it comes to what happens next.

A recession or sudden market decline could upend the size of their retirement nest egg, planned retirement date or both.

Everyone approaching retirement should be asking themselves, “What’s my Plan B?” said Anne Lester, author of “Your Best Financial Life” and former head of retirement solutions at JPMorgan.

“Now is a great time to build some scenarios and start asking yourself that question, ‘What would I do?'” Lester said. “If you have a …