>>But everyone has a big screen and cable.<<
Not the smart ones. I have a 15 year old tube type TV. I keep a “fund” that I contribute to every paycheck and pay cash for everything. The only debt I have is my mortgage and I will pay that off this coming year (after 13 years).
I am taking advantage of the 401K catch-up and the like and I project I should be OK by the time I hit 70 or so, assuming that SSI is nothing by the time I retire.
You have the right idea.. I was laid off at 29 years 9 months.. at 54.. that was 2.5 years ago.. My investments have actually done quite well..
I don’t plan on SSI, if it pays off, bonus!
I don’t want to throw rain on your parade, but trusting your retirement to paper accounts ala 401K should be reconsidered. There is going to be one hellashiush need for CASH, ready-CASH, in the coming years of year-two Obama (YTO) [an aside - have you heard progressives want to do away with BC, AD, etc...their goal is YOO, YTO etc....This unwaivering need for CASH will reach down into ‘paper’ accounts. You might also consider investing in steel, lead, copper, and maybe a little silver and gold.
Good assumption, and one that gets "better" (more bleak) the younger you are. By the time I hit 70 in 1937, I strongly suspect Social Security will only be payable to those 75+ AND WHO ARE VERY POOR. So the irony is that by saving independently, I will have guaranteed that I cannot get back any of my SS contributions.