What should recent/upcoming retirees do with their retirement funds with the fall right now (Sunday April 6th)?

Asking because I'm interested for my parents. One of them has a higher percentage of agressive investments than traditionally recommended at the end of retirement. Should they switch some of those more volatile investments to safer ones right now?

Also, what constitutes safer types of investments usually recommended for close to retirement? (Like bonds and what else is there? I'm new to this.) How are those dropping in comparison to stocks? (For example stocks dropping by X percentage, bonds etc. dropping by Y percentage.)