I know next to no one who ever uses "Stocks" to pay for everyday costs of raising a family or just getting by. I am aware that, yes, retirees stand to lose a lot; which is tragic, and also why I downright disagree with the idea of privatized retirement accounts based on held and sold equity based on the assumption that growth will always occur. In fact, the architecture of such a system is the driving force in the propagation of cross-generational fiscal inequality, and will inevitably result in a slow inexorable trickle up without an active mechanism in place to ensure that wages grow by the same factor that technology obviate the need to have someone do a job. In a crisis, someone is inevitably left with the empty bag as things spiral.
That said; the economy taking a dive is preferential to the population doing the same. There will always be work to be done as long as we wake up every day; and the trick is figuring out how to adapt to new circumstances to get that done.
For instance, now would be a fantastic time to train additional medical personnel or build additional infrastructure for them. Research efforts into mitigating the pandemic are also highly desirable. Logistics solutions to enable financial compensation and product dispatch from community kitchens restauraunts, etc without necessitating physical congregation are sure bets, and just about anything that isn't dependent on getting a bunch of people all in the same place at the same time is also good.
The economy is perfectly fine if you don't assume there is an implicit guarantee that the same endeavors that were profitable yesterday must remain so always. What we're experiencing is an economic record scratch and pivot.
Perhaps for a while most actual economic transactions will be centered on "because it needed to be done, and the government is subsidizing everything until we can find a way to get private enterprise running freely again." Who cares? Life'll have to keep going. If a Jubilee has to happen to reset things... Oh well. It'll suck; but no one asked for this.
The type of work to have people thrown at it is what has changed, and the acceptable methods of execution have been altered. I doubt we'll see a wholesale collapse of civilization by a long shot. What'll be far more interesting to see is if we'll weather the transition to less globalised work smoothly or not. The predictability of life just took a hit; that's all. Time to show how to change. No?