I should have mentioned that I have 4 Roth IRA's that I opened over 5 years ago. Meaning all 4 are over 5 year old or older. At 4 different banks / brokerages. One only has about $500.00 the rest have more.
I'm 65 years old.
1. I though the ROTH IRA 5 year rule was based on your oldest ROTH IRA, not any subsequent ROTH IRA's opened after your initial ROTH IRA. Yes you would have to be 59 1/2 to withdraw without penalty. But subsequent ROTH IRA's would follow the original 1st IRA clock in terms of the 5 year rule.
2. Now I want to convert my 457 money to a Roth IRA. I was told by the 457 administrators that, by doing this I would be starting a new 5 year rule on this money. Meaning I would have to wait 5 years to withdraw without the 10% penalty. No mention of the conversion penalty.
These IRA's can get too deep with rules..
Appreciate everyone's input and previous reply's.
Have a good weekend.
But based on that 457 money, If I understood correctly I
