For a person without kids, I see the point.

On the other hand, for those that have, there is a trade off between helping them, spoiling them, and living a hedonistic life.

Without knowing how long I’ll live, I have no idea how to do this. My grandma lived to 104. Despite living frugally her whole life and getting various government benefits, she was effectively out of money at the end. Had she lived another 6 months it would have been a real question of where the money was going to come from… and it only lasted that long because family was doing a lot of work to get the various benefits. The finial years can be very expensive, and not having enough money to make those years comfortable can be pretty miserable.