Let's say we know we're going to die in a month with 100% certainty. We might liquidate all of our assets. Go into debt. Pay to fly loved ones from all over the country to spend time with them. Spare no expense.
On the other hand, let's say instead we know we're going to die when we turn 100 and with 100% certainty. In that case, it makes sense to delay gratification, invest more, and get the benefit of compounded returns. We might aim to have enough passive income coming in at around 60 or 70, and then we can quit working and slowly spend it all so that our the last check we write before dying bounces.
Since we don't know when we die, the best strategy is somewhere in between these two extremes. If the actuarial tables say we have 50 years left, I'm more inclined to believe the better strategy is likely to look like the second scenario.