[TheCoelacanth]

You can choose what the money in a 401k is invested in. They don't hold money; they hold financial instruments like stocks, bonds and funds made up of stocks and bonds. If you don't sell those financial instruments when the market is down you will not lose money.

[thatwebdude]

Yes, if your financial advisor isn't doing their job you can fire them. Many of them (used to) have skin in the game with your money, too.

Also, lots of folks who lost out on the last recession would be in an equal place post-recession had they left them money to recoup the losses. It wouldn't have been gains, but it wouldn't have been the kind of losses they experienced either. Much easier said than done, though. I don't blame them.