The economy is top of mind for just about everyone right now — and if you’re bracing for a possible recession, you’re far from alone. Economists are raising their forecasts, saying there’s a nearly 50% chance of the U.S. entering a recession in 2025.

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If you or your spouse lose your jobs, you’ll could be in for a financial shock.

It sounds like you’re thinking about beefing up your emergency fund fast and hitting pause on your 401(k) contributions. So, what’s the smart move?

Both an emergency fund and a 401(k) are essential parts of a strong financial plan. One secures your future, the other protects your present.

Your first priority should be building a big enough emergency fund. It’s your financial parachute when life throws you a curveball: a job loss, a medical bill or a major home repair. Without it, you might be forced to lean on credit cards or payday loans to stay afloat.

Most experts recommend saving at least 3-6 months’ worth of essential expenses in a liquid, high-yield savings account. That way, the money’s there when you need it, without penalties or delays.

Once you have this cushion and you’ve paid off any expensive debt, you can turn your focus to investing. Your 401(k) is a powerful tool for long-term wealth, especially when you factor in tax advantages and employer matching. Experts recommend putting at least 15% of your pretax income, including employer contributions, toward retirement every year.

Stopping contributions at any age can be costly but especially if you have a long investment horizon. Say you start contributing $6,000 a year at age 30 and retire at 67. With a 7% annual return, you’re looking at nearly $1.1 million before any employer contributions. Add those in, and you would be looking at a very healthy retirement nest egg.

Contributing during downturns as well lets you buy low and potentially reap bigger rewards when the market rebounds. And if you stop entirely, you also lose out on any employer match — which is essentially free money left on the table.

Read more: The US stock market’s ‘fear gauge’ has exploded — but this 1 ‘shockproof’ asset is up 14% and helping American retirees stay calm. Here’s how to own it ASAP