Phil Cannella Lays Out the Roth Restrictions and Exceptions – Phil Cannella News

Phil Cannella has made it his mission

to help American retirees retire safely and securely by taking advantage of hidden laws. One such law is the Roth conversion, which allows individuals to convert their tax-deferred accounts into tax-free accounts. While this option is highly recommended by Phil Cannella, it does come with a catch.

Phil Cannella empathizes that like it or not, Uncle Sam is your partner and by law, we all owe him part of everything we own. Thankfully, through tax-free Roth IRAs, he has provided us with a way to buy him out of the partnership he holds in our retirement accounts. He only requires that once you convert your IRA to a Roth, you satisfy two rules for it to become tax-free:

  • Wait 5 years after converting the account before withdrawing any gains. If you touch those gains before the 5 years are up, you’ll have to pay taxes and a possible penalty. What if you need income from your retirement account for living expenses within the next five years? In that case, you should put off the Roth conversion or only partially convert until you have enough assets from other sources to sustain yourself for the waiting period.

  • Your annual income cannot exceed $100,000 in the year that you make the Roth conversion.

Phil Cannella has compiled numerous resources to help you keep your nest egg safe and secure, including: his blog:, his website:, his Crash Proof Retirement Show® and his book: Crash Proof Retirement: The Planning Isn’t Over.

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