No one can predict for certain if today’s bull market is indeed approaching its last hurrah. But either way, it’s important to prepare your portfolio for the possibility that a market correction or even downturn could be on the way.

Here are some steps consider:

Rebalancing your investment portfolio.

Ideally, you should review your asset allocation at least once a year to ensure your desired and appropriate mix of stocks, bonds and other assets hasn’t fallen off course. Near the end of a bull market is an especially good time to rebalance, because your stock allocation may have become severely inflated — risking large declines if the stock market experiences a sudden drop.

Bear-market investment portfolio strategies.

Certain types of investments have outperformed in previous market downturns. Bonds, international and emerging-market stocks, U.S. “blue-chip” stocks and real estate investment trusts (REITs) are a few investments that may be worth considering as potential hedges in case of a broad stock-market decline.

It’s important to consider the effects of a potential market downturn on your portfolio before it happens.