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A couple of additional points on Roth IRA's & Traditional IRA's:

After the 5 year and 59 1/2 limits are reached, withdrawals are tax free from Roth's. Traditional IRA withdrawals(after 59 1/2) are taxed as ordinary income at the then current tax rate.

Traditional IRA has minimum required distributions after 70 1/2. Roth's have no required minimum distributions.

Any part or all of a Traditional IRA can be converted to Roth status without penalty at any age. Any converted amounted is taxed as ordinary income at the time of conversion.

I have set up my retirement accounts so I can withdraw part from traditional and part from Roth to keep in a lower tax bracket during retirement. Having both Roth and Traditional IRA's keeps the minimum required distribution down also.

Again refer to IRS Pub 590

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