Roth conversion question

[REWahoo]

I’m getting ready to convert a traditional IRA to a Roth with the strategy of maximizing my 15% tax bracket. I want to make sure I understand the tax rules on distribution before I pull the conversion trigger.

Farimark.com states “If you're under 59½ and you use your Roth less than five years after a conversion, you may pay the 10% early distribution penalty.” Farimark also discusses taking distributions after five years and under age 59 ½, but I see nothing about the five year rule and distributions after age 59 ½. I’ve also searched the IRS site with no luck.

Here is my question: If I convert a traditional IRA to a Roth and I am more than 59 ½ when converting, do I have to wait five years before taking distributions from the Roth to avoid a 10% tax penalty? I don’t plan on touching the Roth for years, but I do want to understand all of the rules.