Western District Employment Access (WDEA) yesterday revealed people in their 60s were looking for work to help reduce the impact of tumbling share prices on their retirement nest eggs.

Superannuation funds posted averages losses of 6.5 per cent in 2007/08 and fund investments continue to plummet.

WDEA team leader Chris Quigley said the financial crisis, which caused major US banking institutions to collapse, was eating into people's days of leisure.

"It is not a good time to retire at the moment," Mr Quigley said.

"I had one man come in the other day who was 63 and retired who was looking for some part-time work.

"People are delaying their days of swinging in the hammock."

The Combined Pensioners and Superannuants Association general manager Megan Lee said seeking short-term employment was better than further eroding super funds.

"If people have the opportunity to get part-time work they should take it," Ms Lee said.

"It is difficult but if it is an option people should consider it to preserve their super funds.

"Once you start chewing into the capital (of a super fund) future returns on the capital are dropped."

But Warrnambool Combined Pensioners secretary Betty Rawlings said returning to work was not an option for many retirees.

"Many are on sticks or walkers . . . I'm 82 and there would be no way I would be able to hold down any sort of job," Ms Rawlings said.

A study from Westpac and the Association of Superannuation Funds of Australia found a couple wanting a comfortable retirement would spend about $50,086 per year, while those seeking a modest lifestyle would annually spend about $27,151.

"Times have changed," Ms Rawlings said.

"People would get a pension, stop work and live according to their means, but now the means aren't there."

Prime Minister Kevin Rudd said the Government was working to reduce the effects of the crisis.

"You look at what's happened with stockmarkets in response to the global financial crisis and they have gone down and gone down a lot," Mr Rudd said. "And that directly affects people's superannuation . . . what I am saying, however, is that there is a strong, credible, robust economic strategy to see Australia through."