I'm a UK citizen, living and working in Austria. I've been here 5 years and am marrying a German this year . I'm 34 and have put off sorting out my pensions and savings for too long!
The situation:
- I'll likely stay in Austria for longer, but will probably eventually move elsewhere in Europe (likely) or back to the UK (less likely) in the future for work opportunities (though I do love it here!). The truth is, I don't know where me and my partner will end up in the short term or long term (pensioners).
- I've got a couple of private work based pensions in the UK with little in them.
- I've contributed to the UK National Savings (public pension) for 13 years, and will be due a massive £74GBP per week on retiring.
- Work pays into an Austrian VBV private pension scheme, but I haven't been contributing more than they automatically take from my pay. I think it totals about €8k in there...
- I've got about €60k euro in an Austrian savings account, and am owed £25k by my parents .
- I'm debt free.
- Buying property here seems totally impractical in my situation
- Brexit sucks
- ...and I own some crappy meme stocks through IBKR and some cryptos totalling about €14k (I'm here to turn my life around, alright )
Given the Austrian public pension scheme doesn't seem to provide much support for people in my situation and I may not live here for long, I need to come up with a better plan. (btw I can't work out if it's 7 years contributing or 15 when you become eligible for the Austrian pension, and what you get for contributing)
I believe my best plan would be to :
- Max out Austrian work pension plan with my work bonus at end of each year (up to the 10% of max) for as many more years as I stay here
- Try to stay in Austria paying tax till I hit 7 years before I consider moving so that I qualify for a public pension... if that's real (???)
- Start investing the cash over the top of my emergency fund. I've been looking at the Vanguard LifeStrategy 80 via Flatex, as a low effort solution. It seems I just need to be have cash in the Flatex account each year at the right point to pay the KESt owed.
Please rip ↑↑this↑↑ plan apart and suggest another one if you think there's a better angle?
I'd also like to know:
- What would happen with the investment if I moved country - is there a scenario where I could transfer the fund without being double taxed on the 60% KESt I paid on accumulations.
- If it would make more sense for me and my partner to invest in her name instead (German).