I am 56 years old and am considering a Traditional IRA to ROTH IRA Conversion to take advantage of the low current tax rates and other advantages that I will have by having money invested in a ROTH. My question relates to when the 5 year holding period to withdraw the converted amount ends so that I avoid the 10% penalty as well as when I will be able to withdraw both the converted amount and earnings tax and penalty free. If I convert to a ROTH now at age 56, do I have to wait 5 years(until age 61) to withdraw the converted amount without penalty or does the 5 year requirement end when I am 59 1/2 which is just 3 1/2 years? I was thinking that at age 59 1/2 I could withdraw all funds(converted amount and earnings) tax and penalty free? but that would not be the case if I have to wait until age 61 to avoid the 10% early withdrawal penalty. By the way, my first ROTH Conversion was done in 2010 which I believe affects the date for penalty and tax free withdraw of earnings.