I’m retired and over the age 60, and want to schedule a monthly withdrawal
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Join the ROTH IRA Conversation - Your Questions Discussed
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No, The 1st rule "Has it been at least 5 years from the beginning of the year in which your first set up and contributed to a Roth IRA." It does not matter that you are over the age of 60 and retired. If it has been opened for 5 years then you are fine but it has not been 5 years.
Then it is not a qualified distribution. Earnings may be subject to tax and the 10% additional tax.
You need to sit down with your accountant just to make sure. I posted the link below to the IRS rules for distributions.
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