Changing from a Saver's Mindset

My wife and I both retired last year at the age of 58. I have been a frugal saver my whole life but am at a point now where I no longer need to be that way. Our current situation is:

  • Inherited IRA - $700K
  • Inherited Trust Acct - $2.05M
  • 401K's - $750K
  • CD's - $510K (maturing between mid 2025 & 2027)
  • Roth IRA's - $90K
  • Cash in Bank - $220K
  • Rental Property - $235K (no mortgage. Selling to tenant this year for $235K). Tenant still paying us $1,600/mth rent until sold.
  • Our House - $450K est. Value w/ $150K mortgage remaining.

So....total net worth approaching $5M.

We have no kids and we are on the DWZ (Die With Zero) plan. If we take Social Security at 67, we'll be getting $6K/mth pre-tax. Our financial advisor (and my wife) both keep telling me it's time to start spending money if we don't want to die with multi-millions of dollars. And oh yeah....we'll most likely be getting a 7 figure inheritance from my wife's parents.

Our 2 cars are a 9 year old Honda and a 6 year old BMW. We live in a small house that's 930 sq feet and 2 bd, 1 bth if you don't count the basement. I'm typing this on my 12 year old Dell desktop computer with Windows 7. My cell phone is a 6 year old Galaxy S10. Nearly all my clothes are 20 - 30 years old. I'll buy the store brand if it's $.20 cheaper than a name brand. I could go on but you get the point.

How do you change a "not-spending" mindset that has been your life for over 40 years? Even as a teenager, I saved and saved. My wife and I recently spent a night at a local casino and I told her we were going to gamble and have fun and that instead of the penny slots, we should play the dollar slots because of the better payout percentages. I brought $500 for gambling and of course, as soon as we got into the casino, I told my wife we should try the penny slots first. When she wanted to try the quarters, I said we should stick with the pennies. After we were down $200, I kinda said we were done. I could not get myself to put any more money into the machines. My wife kept telling me how much money we have and how we need to spend more but I just couldn't do it.

How do I change?????

Edit: Thank you so much everyone for all of your advice and well thought out answers! A lot of you mentioned traveling and we do have some cruises booked because that was always something I was willing to splurge a little on. I read every comment and there were so many good points made. Our average monthly spend is about $6K/mth, so I know that once we're getting social security, we'll hardly be touching any of our other money. Just have to keep working on wrapping my head around that. Looks like we'll definitely have money to donate to good causes later in life. Appreciate you all!!

2nd Edit: Can't believe I'm still getting so many great responses! I appreciate everyone taking the time to try and help me out and I'm reading and absorbing all of your ideas. Thanks folks!!