Podcasts Business Secure Your Retirement Roth IRA - 5-Year Rule - Your Retirement - Part 2 with Denise Appleby

Roth IRA - 5-Year Rule - Your Retirement - Part 2 with Denise Appleby

Published: Oct. 30, 2023, 7 a.m.

b'

In this Episode of the Secure Your Retirement Podcast, Radon and Murs have Denise Appleby to discuss the Roth IRA 5-year rule in more detail. Denise is the CEO of Appleby Retirement Consulting Inc., a firm that provides IRA tools and resources for financial and tax professionals.

She explains the nuances around two separate Roth IRA 5-year rules and what you need to take distributions from a Roth IRA if you\\u2019re aged 59 and a half or below. Listen in to learn the importance of starting your Roth IRA 5-year clock earlier and protecting your records to avoid paying taxes you don\\u2019t owe.

In this episode, find out:

  • Denise explains the nuances around two separate 5-year rules and what they mean.
  • Understanding what you need to take distributions from a Roth IRA if you\\u2019re 59 and a half.
  • The importance of proper record keeping and protection to avoid paying taxes you don\\u2019t owe.
  • Why you don\\u2019t need to keep tracking the 5-year rule if you\\u2019re aged 59 and a half and have had a Roth IRA for at least five years.
  • Why it needs to be a Roth IRA to start your 5-year clock instead of a Roth 401k.
  • The questions beneficiaries need to ask about Roth IRA when dealing with an inherited account.

Tweetable Quotes:

  • \\u201cThe first 5-year rule is used to determine if a Roth IRA distribution is qualified, and for that 5-year rule, it starts January 1 of the first year for which you fund your Roth IRA, and it never starts over.\\u201d- Denise Appleby
  • \\u201cAs taxpayers, we have to be responsible for protecting ourselves as is allowed under the tax code, or we\\u2019re going to pay taxes we don\\u2019t owe because we don\\u2019t know we don\\u2019t owe.\\u201d- Denise Appleby

Get in Touch with Denise:


Resources:

If you are in or nearing retirement and you want to gain clarity on what questions you should be asking, learn what the biggest retirement myths are, and identify what you can do to achieve peace of mind for your retirement, get started today by requesting our complimentary video course, Four Steps to Secure Your Retirement!

To access the course, simply visit POMWealth.net/podcast.

'