An indicator of past recessions that flagged in the US on Thursday sent fear through the Australian market, wiping out $60 billion from the ASX in a single day.

Association of Independent Retirees Warrnambool branch spokesman Rod Carter predicated a "very rough ride" for retirees in coming months but remained confident some investments would deliver.

He said more retirees had entered the share market in recent years as official interest rates successively fell to historic lows.

"The vast majority of our members have gotten out of term deposits and into bonds and shares," Mr Carter said.

"There will be facets of the share market that won't change anywhere near as much as the overall market. If people are careful and get good advice, they will be able to find investments that will give them a reasonable return with relatively low risk.

"Until the US and China sort things out, until Brexit one way or the other is finished, there is no doubt much of the world economy is in trouble. How bad? Nobody really knows.

"There will be some retirees who are very worried, some of them worry no matter what because they don't know how long they are going to live and they don't know if they are going to outlast their money."

Emma Arthur, an adviser at Lifewise financial solutions and EKA Wealth Management, said retirees increasingly sought advice to grow their finances.

"We are seeing retirees being more concerned about generating income," Ms Arthur said.

"Ultimately shares are long-term investments, and while they will have their up and downs, history shows us that the companies mums and dads have investments in continue to increase their dividend irrespective of what's happening with market prices."

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