Roth IRAs can be a powerful tool for retirement savings, but there's some tricky things about

them that can also be quite difficult to understand. In today's episode of Ready for Retirement,

we're going to go over some of these lesser known aspects of Roth IRAs, some of these tricks

so that you know what to avoid and how to make the most of these in your Roth IRA strategy.

It's all coming up next on today's episode of Ready for Retirement.

This is another episode of Ready for Retirement. This is another episode of Ready for Retirement.

I'm your host, James Cannell, and I'm here to teach you how to get the most of the life with your money.

And now, on to the episode.

So let's jump right in.

Today's episode comes from a listener question.

The listener's name is Manfred. And Manfred says this. He says, I am 65 years old and retired. My spouse is also retired. I'm going to convert 50,000 dollars of a 401k into a Roth account. I already have an old Roth account that is well over five years old. I started it in 2015. Do I have to wait the five-year holding period on the $50,000 that I convert

into the old Roth? I would like to know if I have the option of withdrawing it for a large purchase.

I will also be converting 401K funds for the next five years. Will those subsequent conversions also

be held up for five years? What is the rule if I were to convert those same funds into newly established

Roth accounts in 2023? I have read and gotten verbal conflicting answers. Thank you for your

response and I like your YouTube channel. Look forward to viewing the rest of them. Thank you,

Manfred. Well, Manfred, thank you very much for that question. And you probably have received a lot

of conflicting answers because there's a lot

of conflicting information out there. And believe it or not, as simple as Roth IRA sound, there's a lot of

nuance to this. And there's a lot of details that you need to understand in order to avoid common

mistakes that people make end up costing a lot of money. Now, before we jump in on today's episode,

if you are listening to

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