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Opening a Roth IRA after 60 means you don't have to worry about an early withdrawal penalty, but you'll have to wait five years to take out money tax-free. ... Drawbacks to Conversion After 60.
For example, Paul is 60 years old and, after years of diligent saving and successful investing, he’s amassed a large balance in his retirement accounts, including his traditional IRA.
But with 13 years of $120,000 Roth conversions already completed, the IRA balance requiring RMDs could be reduced to around $42,000 by age 73. Your first RMD would be just under $1,600.
Opening a Roth IRA after 60 means you don't have to worry about an early withdrawal penalty, but you'll have to wait five years to take out money tax-free.
With a Roth IRA, you deposit after-tax money, can invest in a range of assets and withdraw the money tax-free after age 59 1/2. Tax-free withdrawals are the biggest perk, but the Roth IRA offers ...
However, after paying taxes, you’d likely end up with less in this example than you would have if you contributed to a Roth IRA. “Transitioning to Roth contributions at 60 presents a complex ...
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