isn't there a kind of statistical / informational bias here? you can simplify the trade-off between work and pleasure as one where you need to work enough, earlier in life, to survive for some some unpredictable amount, later in life. so when you're making the decision about how much to work, and how much to play, you have incomplete data - you don't know when you will die. but when you are dying, you do have that da…
For people on defined contribution plans, they can get a Life Annuity.