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I am thinking of moving to Switzerland but I am concerned about a wealth tax that could eat up my accumulated wealth. Are there deductions for this when you are of a certain age or retired?
Your wealth is still taxable at normal rates after retirement BUT some cantons let foreigners without an income (i.e., retirees) negotiate lower wealth tax rates. This is even possible in cantons like Basel City.
It's the cantons that collect wealth taxes, so the canton you live in determines your wealth tax. If you live in Geneva, you will pay more than 10% of your wealth in taxes every year! Then you have beautiful alpine getaways like Nidwalden where you pay just 1.3%. There are also exemptions for wealth tax. In cantons 50,000 francs is exempt and in others it's 100,000.
You may have other considerations like inheritance tax, property taxes, etc. The nice thing about Switzerland is that you have a lot of options because most taxes are on the cantonal level. But that also makes it complicated, so I'd consult with a tax advisor who specializes in retiring in Switzerland.
There are some cantons which generally have lower taxes than others almost right across the board. If you will get an income (i.e., a pension), then income tax is also relevant. If you buy a home, look into property taxes (high in some municipalities, but others do not have property tax at all). If you will be working past legal retirement age, then you will continue paying social security contributions. Capital gains are generally not taxable as long as you stick to certain criterion so you don't look like a pro trader.
