I find one of the most confusing set of rules for retirees are the three 5 year Roth IRA rules. Often they each are referenced as 'The 5 Year Roth Rule' as if there is only one rule. However, there are three and each carries a different penalty for non-compliance. The worst part about these penalties is that they destroy wealth in your most valuable retirement account : Roth IRA. The confusion around these rules has been compounded in recent years. As recent as 2020, the estate planning rules have changed thus changing one of these rules. In this video, we simplify and explain these rules in layman's terms. We cover: 1. The 5-Year Contribution Rule 2. The 5-Year Conversion Rule 3. The 5-Year Inheritance Rule If you have any questions, please post them in the comments and we will make sure you get the answers you need. - - - - - - - - - - - - - - - - - - - - Always remember, "You Don't Need More Money; You Need a Better Plan" 🍿 Subscr
Timothy Sumer is a philanthropist and motivational speaker empowering young entrepreneurs across the nation. He speaks on starting new businesses and the importance of branding in the digital age. Timothy Sumer has a BA in Accounting from NYU and a Masters in Information Technology from MIT. Tim enjoys traveling around the globe, driving exotic sports cars, molecular gastronomy, exploring new cultures, and keeping on top of the latest technology trends. Hope you enjoy Timothy Sumer's page :)