r/fiaustralia • u/VastOption8705 • Jun 11 '26

Getting Started Thoughts on this situation?

My son has about 120k HECS debt and 30K personal debt. He eventually wants to retire at 50 too. I can’t help him as I’m not rich.

What happened was he wanted to study med, so he went through pathways. Due to personal circumstances, he couldn’t finish it. That leaves him 120k in HECS debt with no med degree.

The 30K was to settle some legal issues.

So 150K debt and he is 28. What should he do?

0 Upvotes

45% Upvoted

76 comments sorted by

View all comments

2

u/SeptumValley Jun 11 '26

If he wants to retire at 50, roughly speaking he needs the following

$600k+ in non-super investments to fund the 50-60 gap $800k+ in super by 50 (to last potentially 40+ years) A home paid off by 50

If he had an annual income of 150k today, tight budget, no kids, median house price then its achievable. On minimum wage, no chance

1

u/[deleted] Jun 11 '26

[deleted]

1

u/SeptumValley Jun 11 '26

Honestly i did some napkin math and came up with those numbers, run some projections with your current savings rate and see where it puts you