Same old story of too big to fail. The government will "inject cash", that is borrowed, so that retirees 401k accounts don't go down. But who pays back the borrowed funds? The non-retirees. Everything is optimized for the boomer generation to be fine, who cares about anyone else?
If you're retired and that exposed to stocks then you deserve to lose the money you risked.
Pretty sure most people just sit in the default requirement 20XX year funds, which heavily weight away from equities once people are retirement age.