Solution: Create a Budget
To avoid feeling guilty about spending your retirement savings, Byrke recommends developing a minimum and maximum budget based upon assets and retirement income sources. Then set a monthly spending goal.
“It seems odd that this is a problem when Americans, in general, are unprepared for retirement,” he said. But people who have a fear of spending their savings can miss out on life goals and enjoyment if they don’t make an effort to use their money.