I mean, you could have your retirement shift towards long-term bonds instead of stocks

With the rise in the Federal Fund rates, that poster would be screwed with bonds too, much worse in fact. Previously issue long term bonds are today worth a fraction of what they were earlier this year.

People won’t buy your old bonds (at their lower interest rates) when the US Treasury is issuing new ones right now with much higher yields. You can still hold the bonds to maturity to get all of your money back, but if you need to sell your bonds on the secondary market right now for cash to live on (presumably for those already in retirement) you’re going to take a sizable loss.

Gold is significantly down too. 17% decline in value year-to-date.

Residential real estate is down with the increase mortgage rates. Commercial real estate is in the toilet too since COVID really.

The stock market, even with this recent dip, is actually actually outperforming most other traditional investments. The good news for folks with retirement savings who are still working is that no value is actually lost until you sell you investments (stocks/bonds/gold/whatever). If you’re still a decade or more away from retirement thats a LONG time for a recover to bring back value from this current downturn.