All Roth IRA contributions are subject to a cooldown period. So if you contribute funds to a Roth IRA in or near retirement,
be sure to plan for not being able to access that money for at least five years. If you do withdraw before then, you’ll be subject to a 10% early withdrawal penalty.
The Roth IRA 5-year aging rule is a set of regulations that governs the tax treatment of withdrawals from Roth IRAs. There are actually three different 5-year rules, depending on the type of withdrawal:
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The 5-year rule for contributions: This rule applies to the direct contributions you make to a Roth IRA. You can always withdraw these contributions tax-free and penalty-free at any time or any age. However, if you want to withdraw the earnings on your contributions, you need to meet the 5-year rule for earnings.
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The 5-year rule for earnings: This rule applies to the earnings or growth on your Roth IRA contributions. To withdraw these earnings tax-free and penalty-free, you need to meet two conditions: 1) You must be at least 59½ years old, and 2) You must have opened your first Roth IRA at least 5 years ago. The 5-year period starts on January 1 of the tax year of your first contribution, even if you make it later in the year or for the prior year.
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The 5-year rule for conversions: This rule applies to the amounts you convert from a traditional IRA to a Roth IRA. You can withdraw these converted amounts tax-free at any time or any age, but you may have to pay a 10% penalty if you withdraw them within 5 years of the conversion. The 5-year period starts on January 1 of the tax year of the conversion, and it applies separately to each conversion you make.
Fidelity: Roth IRA 5-year aging rule
Investopedia: Roth IRA Required Minimum Distributions (RMDs)