Reluctant to Spend in Retirement? Here Are Some Tips to Tame Your Frugal Feelings.

Ned and Sue Price saved diligently their whole lives, but the Jacksonville, Fla., couple still had worries of running out of money in retirement—especially since a health scare in 2007 led Ned to close his law practice and showed them the potentially devastating costs of long-term care.

Eventually Ned, now 69, opened a less-stressful, and less-lucrative, mediation practice that he and his wife, 58, still operate one or two days a week. But a frugal mindset had become entrenched. “It took us a lot of years to rid ourselves of the guilt of spending, because we were operating under the fear that we would not have enough to last, especially if there was a catastrophic illness,” says Ned.