Thank you so much for the reply!
I just want to confirm I understand.
"Even if less than 5 years since the conversion, the 10% penalty is never assessed if you are over age 59-1/2.".
So no penalty if we are 59 1/2 or older? That sounds great.
My wife is 58, so I was going to start converting her 457 to ROTH, (Yeah I know taxes will be due, but I want her to have her money grow tax free, and once she retires, maybe at age 62 1/2 or 63. She would be able to withdraw some of this converted ROTH money as needed without the 10% penalty, correct?
Sorry if I sound redundant, but I just want to make sure I understand correctly.
So as long as the person is over 59 1/2, basically the 5 year rule no longer applies for any withdrawals made to ROTH IRA's with less than 5 years of creation?
