Gen Xers think they'll need $1.8 million for a comfortable retirement, on average
than saving for retirement right now. Schwab polled about 1,000 401 plan participants, including 368 Gen Xers, defined here as ages 39 to 54.
— including student loans, personal loans, credit cards, and auto loans — of $134,323 in the fourth quarter of 2018.Catherine Golladay, president of Schwab Retirement Plan Services."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.
"Most in this group are in critical earning years and at an age when it makes sense to really focus on retirement preparations," Golladay said.According to the Schwab survey, nearly 60% of Gen Xers say their 401 is their largest or only source of retirement savings — and many aren't leaving the money to grow as they should. Almost one-third of the Gen X survey respondents have taken a loan from their 401 at least once.
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