Smart Strategies for Retirees

If your grandchildren are still young, consider opening a 529 college saving plan for them. Again, you can contribute up to $12,000 per year (or $24,000 as a married couple) without incurring a gift tax. And if you're really looking to get money out or your estate, you could make a lump-sum contribution of $60,000 ($120,000 for a married couple) without any adverse gift or estate tax consequences, provided you don't make any additional contributions to that account for the next five years.

Then, as long as the money is used for tuition, the withdrawals are tax-free.

So in the midst of bocce ball and spoiling your grandkids, be sure to analyze your tax situation before year-end.

You want to be able to enjoy your retirement and stay unstressed, refreshed and inspired.