Stocks and exchange-traded funds (ETFs) that generate good dividends have been an investorʻs best friend during this market correction. High-yielding dividend investments have generally outperformed the overall market with higher total returns. For retirees, they are equally important for the income they can produce on a monthly or quarterly basis.

While there are many great dividend ETFs to choose from, the Invesco S&P 500 High Dividend Low Volatility ETF (NYSEMKT: SPHD) and the First Trust Morningstar Dividend Leaders Index Fund (NYSEMKT: FDL) are two of the best for retirees because of their high yields and solid returns. Here's a look at each of them.

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Source Fool.com