Retiring in Austria: a complete guide
Discover why Austria continues to be the top choice for those entering retirement and what the pros and cons of settling in this country are.
Summary
Austria is an excellent destination for retirees who wish to emigrate to Europe.
The country is generally considered extremely safe, with low crime rates and great healthcare.
While expensive to live in, Austria is 70% cheaper than most of Western Europe.
Find a financial advisor who can ensure you are prepared for retirement in another country.
What are the pros and cons of retiring in Austria?
Austria is among the most popular countries in the world for retirement and for good reason.
However, some drawbacks to retiring in Austria are important to consider.
Pros of retiring to Austria:
High quality of life: Austria consistently scores high in global rankings for overall well-being.
Excellent healthcare system: Austria's healthcare system is highly regarded.
Vibrant expat community: Austria has a welcoming and active expat community.
Natural beauty: The country is famous for its beauty and the Alpine region’s lakes and mountains.
Cons of retiring to Austria:
High cost of living: Compared to many other countries, Austria has a relatively high cost of living.
Language barrier: While English is widely spoken, German is the official language and essential for daily life.
Bureaucracy and paperwork: Austria is known for its time-consuming bureaucratic processes.
What are the best places to retire in Austria?
The following locations can help you find the best place to retire in Austria:
Vienna: The cosmopolitan capital that is ideal for active urban lifestyles.
Salzburg: Picturesque Baroque city that offers a slower pace with cultural access.
Innsbruck: Nestled in the Alps, it combines vibrant city life with nature access.
Graz: The second-largest city in Austria, Graz has a balance of urban amenities and a relaxed pace.
Lake District (Salzkammergut): A scenic region with stunning lakes and villages.
What age can you retire in Austria?
In Austria, the standard retirement age is currently 60 for women and 65 for men, but it will gradually equalize to 65 for both by 2033.
If you retire in Austria, you can benefit from a Senior Citizen's Pass that offers discounts on public transport and cultural activities.
There's also a Pensioner's Tax Credit, potentially reducing income tax.
Additionally, comprehensive healthcare coverage is available.
What is the average cost of retirement in Austria?
The average retirement cost in Austria is moderately high, with estimates ranging from $1,700 to $4,500+ per month, depending on lifestyle and location.
Factors like a high standard of living, housing costs, and the potential need for private health insurance contribute to these expenses.
Do you pay taxes after retirement in Austria?
Emigrating to Austria means paying taxes and pensions there. Here, there's a progressive tax system, and double taxation agreements exist in many countries.
Some tax benefits are available for retirees.
After retirement age, you can access your retirement savings, including private pensions. If you're eligible, you can also receive state pensions and potentially Social Security benefits from other countries.
What visas do I need to retire in Austria?
To retire in Austria as a non-EU citizen, you need the "Settlement Permit - Financially Independent Persons."
Key requirements include providing proof of sufficient funds to support yourself without working, comprehensive health insurance coverage, suitable accommodation in Austria, a clean criminal record, and demonstrating basic German language skills.
Other important considerations include registering your residence upon arrival, actively engaging in integration efforts, understanding your tax obligations, navigating the healthcare system, and potentially exchanging your driving license.
What are my healthcare options in Austria?
Austria offers excellent healthcare options, primarily through its public healthcare system, which is known for its high quality, accessibility, and affordability.
While private health insurance exists for additional benefits, most residents rely on the comprehensive public system.
Is it safe to retire in Austria?
Retiring in Austria is generally very safe. The country consistently ranks high in global safety indices due to its low crime rates, political stability, and overall sense of security.
Violent crimes are rare, with most incidents involving petty theft, particularly in tourist areas.
The country also boasts a stable political climate, strong social cohesion, efficient emergency services, and safe infrastructure, contributing to a secure environment for retirees.
What is the housing market in Austria?
The housing market in Austria is considered stable but can be expensive, particularly in popular urban areas.
Currently, the average cost per square foot for a house in Austria is around $500 on average:
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