What's the 5 Year Rule for Roth IRA's and What You Need To Know | When Should You Open a Roth IRA

In this episode, Troy Sharpe, CFP®, talks about the 5 year rule for Roth IRA's and what you need to know so that you don't get penalized when you take a withdrawal. To contribute to an IRA you need to meet some basic requirements. To withdraw money from an IRA without penalty, you also need to meet certain requirements.
The 5 year rule applies a bit differently to Roth IRA's that have contributions, Conversion Roth IRA's and Rollover Roth IRA's.
Opening an IRA and contributing to it should be part of an overall Retirement Plan. At Oak Harvest Financial Group we create a customized solution aimed squarely at your retirement needs.
No two plans are exactly alike. We tailor investments, income, tax-reduction, safety, long-term care and legacy solutions around your retirement vision and goals.
Instead of trying to fit you into a box, Oak Harvest builds the box around you.
It starts with a discussion about your retirement vision. A retirement vision is the most critical element of a Oak Harvest Retirement 360 because it allows us to clearly identify specific goals, allowing our team to get to the root of what is important to you.
Once those goals are identified, we explore and educate you on the strategies that can make your vision your reality.
When the appropriate strategies are agreed upon, it’s time to discuss which tools are appropriate to complete the plan. Stocks, bonds, CDs, annuities and mutual funds are nothing more than financial tools that can be used inside your Oak Harvest Retirement Plan to accomplish your vision and goals.
As independent fiduciaries, we don’t care which tools are used. We care only that the best tools to accomplish the job are implemented.
When your Oak Harvest Retirement 360 Plan is complete, you have a clear financial path that can help provide peace of mind. We will build each component that you may need for your specific circumstance:
You will have in front of you a simple, easy-to-understand Retirement Income Plan.
You will have an investment strategy appropriately fitting your investment objectives and risk profile.
You will have a Social Security strategy that’s designed to maximize your life savings, not just your Social Security benefits.
You will have a long-term care strategy that’s designed to maximize and protect your retirement against future medical costs.
Your legacy desires will be addressed by a CERTIFIED FINANCIAL PLANNER™ professional who coordinates and works with attorneys who draft the appropriate legal tools, if needed.
Once complete, your Oak Harvest Retirement Plan flows into a monitoring process where adjustments can be made when the investment, tax or legal landscape change. It’s reviewed frequently with you by your dedicated team, which includes your advisor, the investment team, and our services team.
To get started building your custom Oak Harvest Retirement 360 Plan, contact us and schedule a free consultation.
Do you have a retirement plan that goes beyond allocating funds to truly fit your needs? We can help you create a retirement life plan customized for your retirement vision and legacy. Call us at [phone]
If you have $500K or more and would like a partnership with a firm to help you manage your investments and financial plan as in these videos, click on this link to connect with our advisors: click2retire.c...
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