timo2
Thinks s/he gets paid by the post
Every internet source I have ever found states that the 5 year waiting period for a Roth IRA starts January 1 of the year in which the account is opened. I'm looking for verification of that. Because just this week I had a financial advisor tell me the 5 year waiting period started the day the account was opened. Has something changed that I don't know about?
The circumstances were that I attended a 'free' overview of the Federal Employee Retirement System (FERS). (I say 'free' because it was conducted by a financial advisor group, and nothing is free.) They said the 5 year waiting period for the Roth portion of the TSP started the day the account was opened. AFAIK, the TSP is treated as a 401K by the IRS.
The circumstances were that I attended a 'free' overview of the Federal Employee Retirement System (FERS). (I say 'free' because it was conducted by a financial advisor group, and nothing is free.) They said the 5 year waiting period for the Roth portion of the TSP started the day the account was opened. AFAIK, the TSP is treated as a 401K by the IRS.