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Retirement savings plans such as IRAs are a great way to prepare for your future. It's important to know the right time to withdraw from your IRA without being penalized with a 10% penalty.

There are a few different times when IRA withdrawals are penalty-free. Some of these include:

- Distributions taken after you reach age 59½.

- Distributions taken to cover qualified early distributions (those made for your purchase of a first home).

- Distributions made in substantially equal periodic payments, if you are either still working or over the age of 591/2 .

- Distributions made to your beneficiary after you pass away.

- Distributions if you are totally and permanently disabled.

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