Parents (64 and 66) are planning on retirement soft-retiring, would it be smart to pull some money from stock market into a Bond/HYSA?

Hey my parents are planning on scaling back their work in the next year with my dad just started collecting Social Security, would it be smart to take some money they have in the S and P 500 and put it into a HYSA (like 50-60k). They talked to some economist friends and they said "well it limits the growth you're going to pass on". Tbh I feel like a recession is gonna happen in the next 6 months, so it feels like taking some money out now and putting in a more predictable yield can limit any potential bleed in the short term, and I have a career access to diverse financial retirement accounts (Pension, 403, 457, Roth 403, SS) so Im not banking on generational wealth. Any suggestions of what's the best move, money to move to limit the capital gains tax, what's the best account to put it considering monthly income is more limited.