That's the big picture: how much to have in stocks, how much to have in bonds, and how much you have to cut back your spending now in order to get by in retirement.
If you're facing such a situation, it's time to assess your financial situation, and even begin to cut back on your spending.
The first thing you can do is cut back on your discretionary spending.
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But we have, in answer to the question of where are your spending cut proposals, it must be a rhetorical question because those who ask it know that we have put forward very specific spending cut proposals.
Don't expect sudden cash windfalls (from high commodity prices, for instance) to last, plan your spending cuts strategically, cut back on low priorities, but do not slash across the board.
You have to cut spending and investing, because so much of your income must be used to pay for things that have already been produced and consumed.
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Instead, do your jobs, cut up the credit cards, and get spending under control.
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Taking a close look at your spending habits will probably highlight some other things you can cut back on: shopping, subscriptions, travel.
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Cross your fingers, assume the economic boom will last forever and that Congress will cut discretionary spending, and maybe the sums will add up.
It starts with calling your Congressperson and your President and telling them that you will accept a 25% across-the-board cut in federal spending.
If your goal as a politician is to spend as much as possible, you have to make every spending cut as disastrous as possible.
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