Frugal retirees: Go ahead, spend your money

Retirement » Frugal Retirees: Go Ahead, Spend Your Money

5 (free!) tips for tightwad retirees
5 (free!) tips for tightwad retirees © michaeljung/

It's an enviable problem, but a problem all the same: Many people who manage to save enough for retirement find it agonizing to start spending that money when the day finally comes. As a result, they needlessly deny themselves the simple pleasures and occasional splurges that can make the difference between a dream retirement and a dreary one.

More Americans face the opposite dilemma, of course. According to the 2013 Retirement Confidence Survey from the Employee Benefit Research Institute, nearly 3 out of 10 people have virtually nothing saved for retirement, and 57 percent have less than $25,000 in total savings and investments.

But at the other end of the savings spectrum are those frugal retirees who have been prudent or lucky enough to set aside a serious pile of cash. For them, the challenge is shifting from saving mode to spending mode once they retire. And, perhaps not surprisingly, it's often the very best savers who have the greatest trouble doing that.

If this sounds at all like you, here are some ideas that might help you spend your money.