Retirement concerns hit people in 30's and 40's

GREENFIELD, Mass. (WWLP) - Retirement is not only a concern among baby boomers, but now people in their 30's and 40's are worried about their nest eggs.

A survey by the Pew Research Center found younger Americans in their late 30's are most likely to doubt they will be financially secure enough to retire.

Noreen Woodruff decided to go back to school to plan for her retirement.

“I can have a business, I have the ability to save my own money, not worry about stocks, where it’s going, and losing it,” said Noreen Woodruff.

Declining property values contributed to this age group suffering the steepest losses in household wealth.

“Three areas people in the 30’s and 40’s age bracket are counting on for retirement is their social security, their investment in stock markets and their house, the number sources of appreciable value  in our society, all three of them are questionable right now,” said Professor of Economics and Business Thomas Simmons of Greenfield Community College .

The study also found all age groups are worried about having enough income and assets to last throughout retirement. This is a major shift from a few years ago.

Megan Brockelback said, "As a young person who doesn't really make very much money and going to school I don't have the money to set aside for retirement. As much as I work I’m never going to be able to have a retirement. I feel like I’m always going to have to work.”

Professor Simmons says that people should start early and diversify your assets into different sources.