Retirement planning in 2026 looks different than it did just a few years ago. Contribution limits have increased, Social Security benefits received a cost-of-living adjustment, and healthcare costs continue to rise. Missouri residents also benefit from specific state retirement systems and favorable tax treatment on certain retirement income.
At Evans Wealth Planning, we help families across Springfield and southwest Missouri build retirement plans that provide security and flexibility. Use this practical checklist to review your progress and take action this year.
1. Know the 2026 Contribution Limits and Maximize Savings
Take full advantage of higher limits available in 2026:
- 401(k), 403(b), and most 457 plans: Up to $24,500 in employee contributions.
- Catch-up contributions (age 50 and older): Additional $8,000.
- Super catch-up (ages 60 to 63): Up to $11,250 if your plan allows it.
- IRA (Traditional or Roth): $7,500 per person, plus $1,100 catch-up for those age 50 and older (total $8,600).
- Health Savings Account (HSA): $4,400 for self-only coverage or $8,750 for family coverage, plus $1,000 catch-up if age 55 or older.
Action step: Increase your workplace retirement contributions today. Even small raises can compound significantly over time. If you are self-employed, explore a Solo 401(k) or SEP IRA for even higher limits.
2. Review Your Missouri Public Retirement Benefits
Many Missouri residents participate in state-specific plans:
- PSRS/PEERS for public school and education employees. Recent legislative discussions include potential increases to the multiplier for long-service retirees and adjustments to COLA caps.
- MOSERS for state employees. Check your final average pay, years of service, and eligibility for normal retirement. A COLA announcement for 2026 retirees is expected in mid-January.
Action step: Log into your PSRS/PEERS or MOSERS account and run a benefit projection. Understand how additional years of service or higher earnings could affect your pension. If you are a retired educator or state worker, review any critical shortage employment rules that allow part-time work while receiving benefits.
3. Factor in Social Security and the 2026 COLA
Social Security beneficiaries will see a 2.8 percent cost-of-living adjustment in 2026. The average monthly benefit for retired workers rises from about $2,015 to roughly $2,071.
Action step: Use the Social Security Administration’s online tools to estimate your future benefits and test different claiming ages. Delaying benefits past your full retirement age can increase your monthly payment by up to 8 percent per year. Missouri does not tax Social Security benefits, which helps stretch your income further.
4. Plan for Healthcare and Long-Term Care Costs
Medicare costs are rising in 2026:
- Standard Medicare Part B premium: $202.90 per month (up from $185 in 2025).
- Part B deductible: $283 (up from $257).
- Part A hospital deductible: $1,736 (up from $1,676).
Long-term care remains a major concern for Missouri families. Median costs for assisted living or in-home care continue to climb, and planning early can protect your savings.
Action step: Decide whether to purchase long-term care insurance, explore hybrid life/long-term care policies, or set aside dedicated savings. Review Medicare Advantage or Medigap options during the annual enrollment period to control out-of-pocket costs.
5. Optimize Your Tax Strategy
Missouri offers several retirement-friendly tax rules:
- Social Security benefits are not taxed.
- Military retirement pay is fully exempt.
- Public pensions may qualify for a subtraction up to the maximum Social Security benefit amount.
- Proposals under discussion could expand deductions for private pensions in coming years.
Action step: Consider Roth conversions if you are in a lower tax bracket now. Review required minimum distributions (RMDs) if you are age 73 or older. Work with a tax professional to minimize your overall tax burden while staying compliant.
6. Update Your Estate Plan and Beneficiary Designations
The federal estate and gift tax exemption rises to $15 million per individual (or $30 million for married couples) in 2026. This creates planning opportunities for larger estates.
Action step: Review or create your will, revocable living trust, and powers of attorney. Confirm all retirement accounts, life insurance, and bank accounts list the correct beneficiaries. Missouri residents should also consider how state probate rules may affect asset distribution.
7. Assess Your Overall Retirement Readiness
Ask yourself these key questions:
- Do I have a clear picture of my expected income from pensions, Social Security, and savings?
- Is my investment portfolio aligned with my risk tolerance and time horizon?
- Have I stress-tested my plan against market volatility, higher healthcare costs, or longer life expectancy?
- Am I on track to replace 70 to 80 percent of my pre-retirement income?
Action step: Build or update a simple retirement projection. Include local Springfield cost-of-living factors such as housing, utilities, and healthcare.
8. Schedule a Professional Review
Technology and online calculators are helpful, but a personalized plan from a fiduciary advisor can make a significant difference. A professional can coordinate your 401(k), IRA, pension, Social Security, taxes, and estate plan into one cohesive strategy.
Action step: Book a complimentary retirement planning consultation. Bring your most recent statements, benefit summaries, and any questions about Missouri-specific rules.
Final Thoughts: Start Today for a Stronger Tomorrow
Retirement planning is not a one-time event. Small steps taken consistently in 2026 can lead to greater confidence and security later.
Review this checklist this month. Increase one contribution, update one beneficiary form, or schedule one meeting with an advisor. These actions add up.
Ready to create or refine your Missouri retirement plan? Contact [Your Company Name] in Springfield today. Our team specializes in helping local families navigate public pensions, tax advantages, and rising healthcare costs while building the retirement lifestyle you envision.