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04-28-2023, 01:57 PM
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Soaring Eagle member
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Join Date: Oct 2020
Location: Here, there, a lot of time in the Caribbean and keys, not much time spent in cold climates
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Quote:
Originally Posted by CoachKandSportsguy
hmmm, that's not the opinion of Schwab nor Fidelity:
link Roth IRA Withdrawal Rules | Withdrawal From Roth IRA | Charles Schwab
Over age 59½
Withdrawals from a Roth IRA you've had less than five years.
If you haven't met the five-year holding requirement, your earnings will be subject to taxes but not penalties.
Withdrawals from a Roth IRA you've had more than five years.
If you've met the five-year holding requirement, you can withdraw money from a Roth IRA with no taxes or penalties.
From the text from schwab, appears that ONLY the roth IRA, even if unfunded, can be withdrawn from after the age of 5 years, regardless of when the conversions were deposited. .
ie, the sooner you open a ROTH IRA, regardless of funding, the earlier you can tax withdrawals without taxes
Wealth advisors vs random internet posters, wealth advisors win |
I always get a kick out of the tile "wealth advisors"...LOL ! The information on here is really confusing ! Not sure what "tax withdrawals without taxes" actually means ? And the "rules" from various financial institutions not very clear either !
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