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Financial Planning / Foolish 401(k)s
|Subject: Re: 55 year old rule||Date: 6/12/2013 12:09 PM|
|Author: whyohwhyoh||Number: 25056 of 25242|
you could have been doing 'back-door' Roth contributions for a few years now
Wow, I misunderstood what this was (I thought it was only for existing traditional IRA accounts).
So I have no traditional IRA accounts (but I do have a small rollover IRA from an old small 401k), so basically I deposit $11,000 (for married couples 2013) into a traditional IRA then immediately convert to a Roth IRA? Seems too easy. Does this work exactly like a RothIRA, where I can pull out the principle at any time penalty free?
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