Absolutely, life has to be enjoyed. None of us is guaranteed tomorrow, let alone a far-off retirement.

Having said that, as I wrote, I think the way to optimize things is to spend 33–50% of new money (gifts, bonuses, raises) while investing the rest. Over the long haul, this will increase not only your net worth but also your savings/investing rate. That last will benefit you twice — it will grow your net worth ever faster and it will reduce your retirement budget.