"Our personal biases can play havoc with how we handle our finances.
Two such biases have long been suspected as obstacles to saving for
retirement. The first is a tendency to procrastinate on decisions that
may benefit an individual in the long run, but also involve short-term
costs, like saving for retirement – economists call this 'present bias.'
The second bias is a failure to perceive the power of compounding
investment returns and how this can build wealth over decades of saving." Read more about "present bias" at http://squaredawayblog.bc.edu/squared-away/our-blind-spots-cut-retirement-savings/