Despite being bogged down by financial obligations such as student loans and credit card debt, Gen Xers are feeling good about their 401(k) accounts, according to research from Schwab Retirement Plan Services.

There's a good reason for this: Gen Xers, aged 39 to 54, are relying on their 401(k) plans to fund their golden years. In fact, 58% indicated that their 401(k) is their largest or only source of retirement savings, and 70% feel good about their 401(k) investments.

But the survey also found that many Gen Xers might not be thinking about their 401(k) as a long-term savings vehicle. Almost a third (31%) have taken a loan from their 401(k), and 61% of those borrowers have done so more than once—higher than either millennials or baby boomers.

The survey found that, on average, Gen Xers believe they will need $1.81 million for a comfortable retirement. Millennials say they will need $1.78 million and baby boomers, $1.51 million.

While Gen Xers saved slightly more, $9,499 on average, in their 401(k) last year than the other two surveyed generations, this only equates to about half of the 2018 IRS contribution limit of $18,500 for those under age 50, the survey noted. Boomers were close with a savings of $9,433 and millennials saved $7,257.

The nationwide survey of 1,000 401(k) plan participants, including 368 Gen Xers, 315 Millennials and 317 Baby Boomers, showed that, while trying to meet their long-term goals, Gen Xers still face obstacles and financial stress.

When asked what’s in the way of saving more for retirement, Gen Xers cited unexpected expenses such as home repairs as their top obstacle (38%); credit card debt (31%); and needing money for monthly bills (29%).

Also, 22% are paying for children’s education and 11% are still paying off their own student loans, the survey noted.

“Gen Xers are at a time in their lives when they have financial pressures on all sides,” said Catherine Golladay, president of Schwab Retirement Plan Services, in a prepared statement. “While many are caring for children and financing those children’s education, many are also providing care and financial assistance to older relatives. Given all of these competing priorities, it’s not too surprising that they’re relying on credit to cover expenses."

While Gen Xers are focused on their 401(k) savings, the survey suggested that they could be more educated about the plan’s benefits.

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