New Roth IRA in the year I turn 58
If a person establishes their first Roth IRA in the year they turn 58, would this person have to wait until January 1 of the year they turn 63 (5 years) to withdraw the earnings on their Roth IRA tax and penalty free?
Permalink Submitted by Alan - IRA critic on Fri, 2015-10-23 02:01
The Roth earnings will not be tax free until age 63, but they will be penalty free at age 59.5. However, the earnings come out LAST if the person takes distributions, so there is no tax or penalty as long as they do not take out earnings until the respective times elapse.
Permalink Submitted by Robert Wright on Fri, 2015-10-23 04:36
Thanks Alan.