Retirement In Austria: An Affordable Dream?

Austria is a popular retirement destination, but is it an expensive place to retire? Well, it depends. The average monthly living cost for one person in Austria is roughly €1,900, but this varies depending on location, lifestyle, and type of housing. For example, living costs are higher in cities such as Vienna and Innsbruck, but they are still 10-30% less than in major cities in neighbouring France and Germany.

The cost of living in Austria is considered high compared to the US, with food prices and manufactured goods being generally more expensive. However, when compared to other Western European countries, Austria is relatively affordable, with lower living expenses than Germany, the Netherlands, and the UK.

So, while Austria may have a high quality of life, excellent healthcare, a stable political environment, and a strong economy, it is important to consider the location and lifestyle choices that align with your retirement plans and budget.

Cost of living

The cost of living in Austria is considered relatively affordable, especially when compared to other Western European countries such as Germany, the Netherlands, and the UK. The average monthly living cost for one person in Austria is roughly €1,900, but this varies depending on location, lifestyle, and type of housing.

For example, couples can expect to spend approximately €3,100 per month, while a family of four would typically have total monthly costs of around €4,903. The average net salary in Austria is around €2,996 per month, making the country quite affordable for full-time workers.

• Housing: The cost of housing in Austria depends on the city and the type of accommodation. On average, renting a one-bedroom apartment in a city centre can range from €741 in Sankt Pölten to €1,300 in Vienna.
• Utilities: If utilities are not included in the rent, budget around €347 per month for them.
• Food: Groceries in Austria are generally slightly expensive. It is recommended to set aside around €330 per month for groceries, but this can vary depending on where you live and shop. Discount supermarkets such as Aldi, Lidl, Penny, and Eurospar offer more affordable options.
• Transport: Austria offers various public transport options, including single tickets, day passes, and monthly passes. The cost of a monthly public transport pass is approximately €49.
• Health Insurance: For international students, public health insurance through ÖGK costs around €69.13 per month as of 2024. If employed, you are automatically enrolled in the public health insurance scheme, with contributions deducted from your salary based on your income, up to a maximum cap of €5,220 per month.
• Leisure: Expect to budget between €180 to €320 per month for dining out, cultural activities, entertainment, and sports or leisure club memberships.

It is worth noting that living costs can be higher in cities, particularly in Vienna and Innsbruck, but they are still 10-30% less than in major cities in neighbouring France and Germany. Additionally, Austria offers a range of benefits to its citizens, including an excellent social security system and high-quality healthcare, which contribute to its high quality of life.

Housing

The cost of living in Austria is generally considered to be high, and this is reflected in the housing market. However, compared to other Western European countries, Austria is relatively affordable.

The average monthly living cost for one person in Austria is €1,900, but this varies depending on location, lifestyle, and type of housing. For example, the average monthly cost for a single retiree in Graz is $2,310, including $652 spent on rent. In Klagenfurt, an individual retiree can expect to pay $695 in rent, with a total monthly cost of living of $2,540.

Utility costs can also add to the expense of housing in Austria. If utilities are not included in the rental agreement, budget for around €347 per month.

Despite the high living costs, Austria remains a popular retirement destination due to its high quality of life, safety, excellent healthcare, and resilient economy.

Food

Austria has many discount supermarkets, such as Aldi, Lidl, Penny, and Eurospar, which offer food at reasonable prices. The average monthly cost of food for one person in Austria is €330. This can vary depending on where you live and where you shop. For example, a cup of coffee or tea in a cafe costs €3.50, a sandwich at a bakery costs €4.50, and a dinner in a typical student restaurant costs €12.

If you're retired and cooking at home, it's a good idea to plan meals, create shopping lists, and shop at markets and discount supermarkets to save on food costs.

For those who prefer to dine out, Graz, Austria's culinary capital, is known for its excellent food. Der Steirer and Salon Marie are two popular restaurants in Graz that serve fried chicken, with rice or potatoes, as their specialty.

Healthcare

Austria is known for its high-quality healthcare system, which is accessible to everyone living in the country. The Austrian healthcare system is both affordable and easily accessible.

Public health insurance is available to all residents, and is deducted directly from wages. It is free of charge for people who make under a certain income, or who are disabled, studying, or retired. If you are employed, your employer will automatically enrol you in health insurance, and the contributions will be deducted from your monthly salary. These contributions are income-dependent, with a maximum cap of €5,220 per month.

If you are a pensioner and not employed, you must first register as a resident in Austria, and then take out voluntary insurance. Once you have registered, you will be given a European Health Insurance Card (E-card). You will need to take this with you every time you visit a doctor. The E-card is available to all residents of the EU, and allows you to access state-provided healthcare in any of the 27 EU countries.

Private healthcare is also available in Austria for those who would prefer not to use public healthcare. This means zero waiting times, a larger choice of physicians, clinics, and hospitals. Most individuals who take out private health insurance use it to supplement their public insurance.

Cost of healthcare in Austria

The average monthly living cost for one person in Austria is roughly €1,900, but it varies depending on location, lifestyle, and type of housing. Couples can anticipate monthly expenses of approximately €3,100, while a family of four would typically have total monthly living costs of around €4,903. You should set aside around €330 per month for groceries, and budget around €347/month for utilities.

Leisure

The cost of leisure in Austria varies depending on the type of activity. A metro or bus ticket costs around €2.50 for a single fare, while a cinema ticket costs approximately €10 and a museum ticket costs about €14. However, students are eligible for discounts at many museums, cinemas, theatres and other cultural venues when they show their student card.

Dining out, cultural activities, entertainment and sports or leisure club memberships can cost between €180 to €320 per month.

A sandwich at a bakery costs around €4.50, a cup of coffee or tea in a cafe costs €3.50, and a dinner in a typical student restaurant costs €12.

Austria has many discount supermarkets, including Aldi, Lidl, Penny and Eurospar, where you can buy budget-friendly groceries. You should budget around €330 per month for groceries.

Austria is a paradise for outdoor enthusiasts, with pristine lakes, meandering rivers, over 3,000 mountains, 10,000km of bicycle paths, 22,000km of ski slopes and 50,000km of biking trails.

Frequently asked questions