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’re 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’t 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’re 59 and a half.
• The importance of proper record keeping and protection to avoid paying taxes you don’t owe.
• Why you don’t need to keep tracking the 5-year rule if you’re 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:

• “The 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.”- Denise Appleby
• “As taxpayers, we have to be responsible for protecting ourselves as is allowed under the tax code, or we’re going to pay taxes we don’t owe because we don’t know we don’t owe.”- Denise Appleby

Get in Touch with Denise:

• LinkedIn: https://www.linkedin.com/in/deniseappleby/

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.