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.
Read more here.