Retired 68-year-old's Roth Withdrawal Uncertainties
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Roth conversionSmartAsset
•Business
Business & Economics
Ask an Advisor: My RMDs Are Near, So I'm Converting $700K to a Roth to Avoid Them. Do I Have to Wait to Access the Money Then?
70% Informative
The IRS has three “ five-year rules” for different types of Roth IRAs.
Withdrawals from your Roth IRA must be “qualified” in order for you to avoid taxes and penalties.
Running afoul of either rule can trigger a 10% early withdrawal penalty and/or income taxes.
There is also a separate five-year rule for Roth conversions.
You aren’t subject to early withdrawal penalties by virtue of your age.
You’ll automatically avoid the 10% penalty on withdrawals from a converted Roth IRA.
If you’re working with a financial advisor but you”re unhappy with the results, you can always consider finding a new professional to work with.
VR Score
58
Informative language
49
Neutral language
46
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informal
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English
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40
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Time-value
long-living
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12
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3
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