Like one of the other replies mentioned, when you get closer to retirement, more of the money should get shifted from stocks to more stable but lower return investments like bonds and such that are not affected by a stock market crash. Usually you can set a retirement age in the management portal of your 401k and the management company in charge of your 401k uses it as a guide to move the money into the more stable investments.
Its not out of control now, but that doesn’t cancel out previous high inflation rates on things. If people wages haven’t kept up then they may not be able.to still afford the standard of living they had a few years ago.