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As for regular withdrawals, the same rules apply as for the traditional IRAs Besides the five-year rule, the only other exception is the required minimum distribution rule Because the money that goes into a Roth IRA is after tax, and since the money that is withdrawn from a Roth is tax free, the IRS imposes no rule as to when the money must come out of the account So you don t have to make any withdrawals from a Roth IRA until you are 90 if you want! Converting to a Roth IRA Many clients ask me about converting their traditional or rollover IRAs to Roth IRAs They think that by converting, they will be able to take their money out of their existing IRAs tax free However, it doesn t work like that To convert a traditional or rollover IRA to a Roth IRA, you will need to pay the taxes due, just as if you had taken the entire amount out of the IRA (SEP and SIMPLE IRAs may also be converted after two years) Plus, if your AGI is more than $100,000, you are ineligible to convert (Tax payers who file as married but filing separately are always ineligible to convert) You don t think that the IRS will let you just convert and not pay any taxes, do you If you think that you will benefit from the tax-free distributions, and you have the cash on hand to pay the taxes due, then converting may be a good idea But, for most people, converting their traditional and rollover IRAs to Roth IRAs is just a poor idea, especially if you find that you have a substantial amount of money invested in IRAs Substantially Equal Periodic Payments I mentioned before that there was an additional way to take distributions from your IRA prior to turning 591/2 without paying the 10-percent early-withdrawal penalty The program called Substantially Equal Periodic Payments, or SEPP (not to be confused with SEP plans), will help you achieve this The SEPP program is generally used by those individuals who have retire and have no source of income, but their retirement funds and are younger than 591/2 Because the person has retired, he or she is not earning any income That person will also be too young to take money out of his or her retirement accounts without penalty, or to draw social security But, he or she has to have some sort of income, right
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Essentially, SEPP works like this After adding up the total value of your traditional IRAs (if you have rolled over your company s 401(k) plan into a rollover IRA, then you may keep that separate), a computer program will calculate the monthly amount that you may take from your accounts at a fixed percent, usually between five and nine percent Remember to keep your Roth IRAs separate By agreeing to take the SEPP-established amount as monthly withdrawals, you agree to the terms of the program You must not alter the payment amount for five years, or until you are 591/2 years old, whichever comes last If you do change anything about your monthly dispersements, the entire amount you have taken will be subject to the 10-percent penalty tax By abiding by the terms, you will avoid the penalty Of course, whatever you take will be subject to regular income taxes Therefore, if you are 57 and wish to participate in the SEPP program, you will have to take the same amount from your accounts until the five years (60 payments) are up Likewise, if you began taking SEPP payments at age 52, you would have to continue until you were 591/2, or for seven-and-a-half years However, if you were to die before the 60 payments were completed, the agreement dies with you Your beneficiary wouldn t be required to complete the SEPP program The SEPP program is especially useful if you have rolled over your 401(k) plan from work and would like just to live off of that while your other accounts continue to grow You can opt to have the SEPP just use the value of your rollover accounts, instead of your traditional IRA accounts Plus, don t think that just because you are taking money out of your IRA, you must use it all If you find that the monthly amount is too much income for you, and I have clients that have found that, you can always reinvest the money into a nonqualified (regular) account, where it can grow You just can t receive more or less than what is specified by the SEPP calculation But by diverting some of the unnecessary money into another account, you can help continue to grow your money so that if you need it later, it will be there
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