Future Bias

This article talks about present bias but there can be future bias also.  It is considered that for the average person it is 3% better to spend your money now than one year from now.  Also remember that you can enjoy things more when you are young and you will still have the memories in the future. Those memories will be worth something. 

In Retirement

Even in retirement some people over save.  You can at least spend all of your dividends and half of the retained earnings of the company's that you own.   To make the calculation take the earnings per share subtract the dividend and divide the result by two.  
If the companies you own are not growing earnings fast enough to make up for the stock that you will need to sell to get the money above the dividends then they are investing retained earnings very badly and you should change to other companies.  An alternative is move to utilities.  utilities generally pay higher dividends and rise with inflation.