At every turn, there is something more important than retirement. A nicer car, a better smartphone, a bigger TV; the examples virtually never end. The further we are from retirement, the more important these luxuries seem at the moment. The problem is that a pile of obsolete electronics won't pay the bills when our retirement income is running out.
This makes it important to at least give thought to the long-term effects of our current spending habits. I always advise my clients that the more choices we have, the better off we will be. But we often make the poorest choices when we have the most options available, which can leave us with few or no choices later when we most need them.
(Read more: How to avoid cracking your nest egg)
After a certain point in life, our ability to earn from working diminishes.This may be due to physical ailments, mental incapacities or the simple fact that after a certain age, finding a job gets more difficult.
If we haven't created a sufficient retirement-income plan and haven't saved enough over the years, we will be forced to choose between food, medicine and other essentials rather than deciding between the newest smartphones or whatever other technology happens to be hot at the time.
The possibility of affording further luxuries then lies far in our past.