Thanks for watching!! We've received great feedback from our retirement planning videos. Please comment below. Also try this video as well. "*How Much of My Social Security is Taxable?* " - ruclips.net/video/O8sXioyOE94/видео.html
FORM 590-B page 32 has a flowchart that shows that if you are over 59-1/2 AND have opened A (as in any) ROTH 5 years ago or longer, then all withdrawals are Qualified.
Yes, I have tried to explain this to people over and over. I told all of my kids to go to their local bank and open a Roth IRA to get the clock started .
What i didn't like is you did not include a scenario that someone 60 yrs old has had a roth ira for say 10-15yrs. What are the rules and what if you could not convert until age 65 because of Obama care earning restrictions for health ins subsidy. Would it be worth converting after age 65?
I am in basically this position myself. What I have learned is that the five year rule on conversions does not apply once you are over 59 and 1/2 if you have had a Roth IRA open for at least 5 years. I am waiting until 70 for my Social Security and at that time I am going to do conversions up to the taxable limit.
Thanks for watching!! We've received great feedback from our retirement planning videos. Please comment below. Also try this video as well. "*How Much of My Social Security is Taxable?* " - ruclips.net/video/O8sXioyOE94/видео.html
FORM 590-B page 32 has a flowchart that shows that if you are over 59-1/2 AND have opened A (as in any) ROTH 5 years ago or longer, then all withdrawals are Qualified.
Yes, I have tried to explain this to people over and over. I told all of my kids to go to their local bank and open a Roth IRA to get the clock started .
What i didn't like is you did not include a scenario that someone 60 yrs old has had a roth ira for say 10-15yrs. What are the rules and what if you could not convert until age 65 because of Obama care earning restrictions for health ins subsidy. Would it be worth converting after age 65?
Tune in next week, where we are bringing on part two with a IRA expert consultant
I am in basically this position myself. What I have learned is that the five year rule on conversions does not apply once you are over 59 and 1/2 if you have had a Roth IRA open for at least 5 years. I am waiting until 70 for my Social Security and at that time I am going to do conversions up to the taxable limit.
I currently have a Roth 401K account at work. Would the time in that account make any difference to the 5 year rule on a IRA?
Great question tune in next week for part two of the same topic where we will have a IRA expert and consultant