Stanley Kurtz on Acorns ties to the Financial mess and Obama's ties to Acorn

Here's what I don't understand about the Financial situation. I keep hearing on talk radio and on various television news/opinion shows that retirees have lost money in the market. At first I thought they meant people had lost retirement money but no, they keep saying retirees. And I've heard people talk about their 74 year old mother or their 91 year old grandmother. Well, every financial advisor I've ever had has always said the closer you get to retirement, the lower risk you want to take. So, you'd think these retirees would have transferred their 401k out of the market and into bonds and cash/CDs before they retired. What the heck are retirees doing with their retirement still in the market???