Question by ResearchGirl: I moved my Roth IRA to a different institution. How does that affect the 5 year rule for withdrawals?
I’ve had an Roth IRA for 9 years, but recently moved it to a new institution. If I want to take money out of my contributions, how is the account affected by the 5-year rule? Does this account have to be open for 5 years at the new institution before I can withdraw?

Best answer:

Answer by tro
you have fulfilled the 5 yr rule no matter where it was deposited

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Then people could use their own money to make ends meet, cover expenses after unemployment runs out or transfer funds from losing mutual funds to pay down high interest credit cards and 2nd mortgages.

They always talk about our money… we’ll it’s mine and I need it NOW!!!

Yes, I know this would be like a run on the bank, but they don’t deserve to be trusted with our savings any more !!!!!!!!!!!!!!!!

Imagine two people starting with 2,000 pre-tax dollars to invest at age twenty-five. The tax rate is a constant 25 %, and the capital gains rate is constantly 15 %.One person invests in the ROTH IRA (for 1,500 dollars because of the tax), and one invests in the Traditional IRA. If the annual rate of return for each investor is 8%, who does better in the end if retirement is age 70, exactly 45 years later?

I’ve had an Roth IRA for 9 years, but recently moved it to a new institution. If I want to take money out of my contributions, how is the account affected by the 5-year rule? Does this account have to be open for 5 years at the new institution before I can withdraw?

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