" if I’m 58 and do my first conversion or contribution, then I would have to wait five years (63) in order to get my profit or earnings tax-free correct?"
If you are now age 58 and establish your first Roth IRA in 2025, your Roth IRA distributions will be qualified distributions as of January 1, 2030. Earnings come out last, so if before January 1, 2030, but after age 59½, you take out no more than the amounts that you have converted or have otherwise contributed, distributions will be free of tax and penalty.
