I'm 45 and have lost over 100 pounds and I do have saggy skin. I agree totally with what Robin said, I can cover it with my much smaller clothes and look great. I didn't feel great or look great at 265 pounds, even in clothes. I think it has so much to do with heredity and how the weight is distributed and age. Each person is going to be a little different. The worst areas on me are my lower stomach and my thighs. I think the stomach is getting better. My thighs are still shrinking, so it's too soon to tell in that area. I love wearing bermuda shorts, they cover the saggy thighs, but I look good in them and they are the slimmer cut ones
Mug- don't worry about your chin. As young as you are the skin will most likely shrink nicely. I'm a lot older than you and was concerned about it since that is one area that is harder to cover. At first it looked bad, but it has improved greatly in the last couple of months. I'm only two months into maintenance and actually still losing slowly.
My Mom always used saggy skin as an excuse to not lose weight. She died of heart failure after a long fight with diabetes. Her quality of life could have been so much better the last 20 years of her life if she had taken better care of herself. I'll take the saggy skin gladly if I can avoid going through what she did.