This thread began about guys being retired and having the rug pulled out from under them. A lot of good thoughts have been posted if you put aside a few of the ancillary issues that were thrown in.
I'd normally stay out of those subjects where opinion rules over fact, but this issue doesn't fit that criterion. It's a FACT that the paradigm has shifted. I hope that all the younger pilots with time left in their careers and those brave enough to enter will really learn something from the dialogue. I learned a lot from the old capts I worked with, flying along listening to their stories of failed attempts to be the Coin Laundry King of GA, paying for college educations out of pocket, supporting the toys, large mortgages...and yes, ex wives. Perhaps this forum will actually have a redeeming social value by letting this matter get front page attention for the younger folks who perhaps don't have access to an old f@rt with a sad story to tell. YOU will be at this career point, if not in this position, and before you realize it.
We're all products of that to which we are exposed. I was fortunate to grow up in a house where my dad was credit manager for some crummy little department stores. I'd listen to the dinner-table conversation about the people who were unable to pay their bills and, more importantly, what happened to them. I ended up with an almost patheological aversion to owing people money.
When I factored in the stories from the old guys, it left an impression. At the risk of being trite...stay out of debt. If you have to live down a notch or two, so be it; you can't live like Trump if you fly an airplane for a living, so don't try it.
The next factor is time. If you're young, you don't have to make $300K/year to end up financially secure; you just have to save a reasonable amount over the long haul. You have Roth's, 401K's, 529's for the kids, etc., lots of ways to sock it away. Do it and don't touch it even if you have to live in your car !!
There are lots of cool things to spend money on with most of them being worthless in the big picture. The very coolest thing to spend on is your dignity and peace of mind in old age. My dad worked full-time until he was 90, and my mom until she was 88......because they had to; too proud to take a handout. They had a bit of money but came dangerously close to being wards of the state by the time they died. That is NOT cool and the big house, boats, fancy cars, etc., will look pretty lame from a crappy nursing home as your meager savings burn down at rates approaching government waste. Being old is VERY expensive...that's what those UAL guys are rightly worried about after a lifetime of being productive, responsible people.
Of course, we all get help in forming our decisions about where/how to spend. When I was a 727 capt, I'd watch these new FE's get into the big house in P'tree City because DL indoc folks pumped them full of sunshine about their future, about how they'd have the great retirement in the end, yadda X 3. We'll see about that one. There are a few disturbing examples available to us all, demonstrating what happens when it doesn't follow the forecast.
If you actually read all of this clap-trap I've written, thank's. It's just such an important subject that I couldn't keep quiet.