Three Career Stages, One Retirement Question
Key Takeaways from the 2026 Retirement Surveys
- Retirement confidence remains low. Roughly 2 in 5 respondents across all three career stages aren't confident they've saved enough for retirement.
- Many employees don't understand their retirement benefits. More than half of the active employees surveyed don't know the difference between their pension and MO Deferred Comp.
- Retirement savings may need to support more than just you. 61% of the Awareness Survey and 41% of the Readiness Survey respondents said they were very or somewhat likely to financially support family members during retirement.
- Retirement isn't always cheaper. 44% of retirees surveyed reported higher expenses in retirement while another 38% say they are about the same as when they were working.
Am I saving enough for retirement?
Whether you're just starting your career, counting down the years to retirement, or already retired, it's a question worth asking.
In 2026, MO Deferred Comp surveyed more than 7,600 Missouri state employees and retirees to better understand their savings habits, financial confidence, and retirement expectations. The three surveys included responses from:
- Awareness: 1,423 active employees age 35 and under, mostly Millennials and Gen Z
- Readiness: 5,567 active employees age 36 and older, mostly Gen X
- Retiree: 2,102 terminated employees age 47 and older with a retirement savings balance of $100,000 or less, mostly Baby Boomers
While their experiences differ, their responses reveal three important lessons about preparing for retirement.
1. Saving Is Important. Knowing If It's Enough Is Just as Important.
State of Missouri employees are saving for retirement, but many aren't confident they are saving enough.
When asked about their retirement savings, the percentage who said they were not too confident or not at all confident was surprisingly similar across all three groups.
That uncertainty may be connected to another finding: 62.39% of those who took the Awareness survey and 58.25% of those who responded to the Readiness survey said they don't understand the difference between their defined benefit pension and MO Deferred Comp.
Both benefits can play an important role in retirement, but they work differently. Your MOSERS or MPERS defined benefit pension generally provides a monthly benefit based on a formula (calculated using your years of employment, highest average three-year salary and a multiplier), while MO Deferred Comp is a supplemental retirement savings plan funded through your personal contributions and investment earnings.
Understanding how these benefits work together, along with Social Security, is an important step toward knowing whether you're on track.
Where to start: MO Deferred Comp's Savings-to-Income Calculator can help you estimate how your savings may translate into monthly retirement income and how that income fits alongside income from your defined benefit pension and Social Security.
2. Retirement Expenses May Be Higher Than You Think.
Healthcare, emergencies, and everyday living expenses are common reasons to save for retirement. But the surveys revealed another expense employees may need to plan for: financially supporting family members.
When asked how likely they were to provide financial support to children, grandchildren, parents, or in-laws during retirement, 61% of Awareness Survey respondents and 41% of Readiness Survey respondents said they were very or somewhat likely to financially support family members during retirement.
Whether it's helping an adult child, caring for agingparents, or supporting grandchildren, retirement savings may need to stretchbeyond your own needs and expenses.
Retirees are already experiencing financial pressures. Among retirees surveyed with less than $100,000 saved:
- 44% reported higher expenses in retirement than when they were working.
- 38% said their expenses stayed about the same.
- 18% said their expenses decreased.
Even more concerning, approximately 70% said their defined benefit pension and Social Security alone weren't enough to comfortably cover expenses without withdrawing savings, cutting out extras, or relying on family.
These findings reinforce why it's important to plan for enough retirement income to replace most, if not all, of your pre-retirement income. Retirement expenses don't always decrease, and unexpected financial responsibilities can arise.
3. There's No Better Time to Prepare Than Now.
If there's one message retirees want current employees to hear, it's this: Start saving early and save as much as you can.
When asked what advice they'd give today's state employees, retirees shared responses like:
- "Start putting money in deferred comp immediately! I wish I had."
- "Put everything you can afford into your retirement savings. You will NOT regret it."
Employees also appear open to taking small steps to save more. 69% of Awareness and 65% of Readiness respondents said they'd sign up for a feature that automatically increases their retirement contributions by less than $10 per pay period each year.
Good news! MO Deferred Comp already offers Rate Escalator, a tool that allows participants to schedule gradual contribution increases over time. You don't have to make a major change overnight. Small increases throughout your career can add up and help you build a stronger financial future.
Your Retirement Story Is Still Being Written
The biggest takeaway from these surveys? Retirement confidence doesn't automatically come with age or experience. It comes from understanding your retirement income benefits, knowing what you need to save, and taking steps to financially prepare.
Whether retirement is five years away or 30, MO Deferred Comp is here to help. Review your contributions, try the Savings-to-Income Calculator, or meet with a financial education professional to see where you stand.
The more you know today, the better prepared you can be for tomorrow.
About the Surveys
In 2026, MO Deferred Comp conducted three online retirement surveys with more than 7,600 Missouri state employees and retirees. Unless otherwise noted, retiree findings in this article include only respondents with less than $100,000 saved across all retirement accounts. This group is not representative of all retirees. The three surveys included different respondents, and response totals varied by question.
