My Unsolicited Advice: Become an IT consultant that is "hands on" and not just another PM. It pays more, you don't have to worry about office politics and who gets promoted over whom, etc. It's SOOO much better. The only downside is health insurance costs more, but it is more than off-set by the hourly rate. If you can get in with a prime vendor (or better yet, be the prime), then you should make 1.5 - 3x what a salaried employee makes without all the bs.
I made the switch to consulting in 3/2011, and I couldn't be happier. I wish I had done it much sooner. If you're hands-on (be it a developer, a tester, an analyst, etc) you should always have work. Even better if you specialize in a specific field; e.g., finance, healthcare, cyber-security, etc. Companies typically pay $150 - $350 an hour to the prime vendors for people (like D&T, E&Y, BAH), and then each vendor takes a chunk. So if you get with the prime vendor as an independent contractor, you can get a big slice of that chunk.
My recommendation is to find a smaller prime vendor that specializes in your field of choise that usually charges a discount rate, but will also not take as big a chunk out of your hourly rate. For example, D&T typically charges ~$250 a head, but some of the people they put on a client site are salaried employees probably making $70K-100K per year (even less for the younger folk). In other words, D&T makes MUCH more than what the actual person on site makes. And most of them are ****** morons who have no skills other than asking people for status or creating useless, but aesthetically pleasing xls documents.
I am with a prime vendor for several finance companies, and I know what he charges per hour and what he pays me, and I make sure I get paid and also the client gets their money's worth out of me - like I said; HANDS ON.
So to all you youngsters, (I'm 40), I strongly advise in getting/learning a specific IT skill and then find an industry you're interested in, and start consultiing. Trying to move up the corporate hierarchy will just leave you empty and skilless should the company decide to cut people based on age/longevity (watch the movie "Company Men" for a great fictional portrayal of how coporations work nowadays when they need to raise profits; it's about the shareholders, not the company).
Most people can live pretty comfortably making $75-$150 an hour. And you won't have to worry about kissing butt or any other corporate nonsense. However, if you dream of being middle-management (manager to sr. director) and having the entire organization below you thinking you're worhtless and know-nothing, then by all means, slowly work your way up the chain. And if you're really committed to being a titan of industry, then form your own company and make yourself President or CEO or Managing Director. What kind of company? An IT Consulting Firm of course!