OK, so I am now past age 59.5, and I have the majority of my retirement savings in traditional pre-tax accounts.
However, I do have a Roth account that I started ~ 20 years ago, at Fidelity. I did not understand that I should have been keeping the Form 5498 that I got, so I doubt that I have an accurate record, in terms of forms.
However, I do understand that the 5 year rule for Roths, now that I am 59.5+, means that anything in that account that is at least 5 years old is now eligible for withdrawal without penalty, yes? Because the account is 5+ years old, the money has been in that account for at least 5 years, AND I am now past age 59.5.
To give an example: if I look up my Fidelity statement from 2020, it shows a balance of $50k in May of 2020...I can withdraw up to $50k without penalty, yes?
And if I made Mega backdoor Roth CONTRIBUTIONS sometime between 2020 and now...since it's in an account that is 5+ years old, AND I am now past age 59.5, I could withdraw those contributions, yes?
But I am now planning to make a big CONVERSION amount. I am thinking that I should open a second Roth account, so that it is clear that the entirety of that conversion amount, AND its growth, happened after age 59.5, which means I can withdraw either, at any time. Which would allow the previously-established Roth time to season another few years, until I am age 64.5, when those funds will be clearly penalty-free upon withdrawal?
Does this make sense? I want to make sure I am not GOTCHA'D on any withdrawals from Roth, given the two 5 Year Rules.
(And don't worry - not a lot will be withdrawn, and I understand the value of Roth accounts. It's just easy to use that account, as I am preparing to separate from service in late June, and I have limits on in-service withdrawals).
