5 Best Cities Where You Can Retire On $5000 A Month

3. Reykjavik, Iceland

Insider Monkey Score: 32

Average Monthly Rent: $1,623

Average Monthly Living Costs: $3,954

Reykjavik is a beautiful place to retire for seniors in Europe. A permanent residency visa is required to retire to the country. The city attracts retirees due to its vibrant culture, mesmerizing natural beauty, and reasonable living costs. Embracing a leisurely lifestyle, seniors get to indulge in the charm of thermal baths, and live a happening life in this vibrant city. The city is particularly appealing because of its harmonious blend of affordability and cultural richness, and retirees find it manageable to retire here on $5000 a month.