Spending money today instead of investing it carries a retirement price tag that you’ll pay in retirement. What you fail to put away today for your retirement will impact how much you have available to you when you're ready to retire. That price tag will depend on how many years you are away from retirement and the rate of return you could receive on those funds over the savings period. Another variable is whether you choose to invest it in a Traditional IRA or a Roth IRA.
Use this calculator to determine if you should spend or invest in an IRA.