These days, retirement does not come cheap. A recent study from NetCredit assessed the cost of retiring in the United States—assuming an average retirement age of 64 and an average life expectancy of 78—to be $601,489. If that price tag seems a little steep, the study provided a number of less expensive alternatives, including Pakistan ($182,018), Uganda ($213,498), and Kyrgyzstan ($191,216). For a retirement closer to the U.S., Mexico will cost $257,078. That's nearly a quarter of what it would take to retire in Bermuda ($1,065,697).

Not every American is looking to retire abroad, and many prefer a move to a new city in their home country. So where are people 65 and older heading these days? A new report from Advisor Smith has some answers.

For their study, Advisor Smith used data from the U.S. Census Bureau's American Community Survey for 2019, based on five-year estimates for cities, towns, villages, boroughs, and census-designated places from around the country. That data provided the estimated population for each city surveyed, as well as the number of residents aged 65 to 74, and aged 75 or older. It also provided the percentage of the population in each age group that moved to the city from another county in the state, from out of state, or from overseas within the last year.

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Richard Binder

Richard Binder, based in New York, is part of the social media team at ALM. He is also a 2014 recipient of the ASPBE Award for Excellence in the Humorous/Fun Department.