Five cheapest places to retire revealed – and three are in the same state

401(k) – an employer-sponsored retirement account. Contributions are made pre-tax and many employers will match a certain percentage of your contributions. Taxes are paid when the funds are withdrawn in retirement.

Roth IRA – an individual retirement account. Contributions are made post-tax but withdrawals in retirement are not taxed.

TSP (thrift savings plan) – a retirement savings and investment plan for Federal employees and members of the uniformed services. They work similarly to 401(k)s but may have more limited investment options.

Pension – an employee benefit that commits the employer to make payments to the employee in retirement. Pensions are becoming increasingly rare.