So many of the questions we get about IRAs involve understanding the different kinds of IRAs or deciding which ones can help you make the most out of your retirement, that sometimes we forget about big the question everyone wants to ask: How do I get my money back?!

The purpose of an IRA, after all, is not to put money away. Oh no. After the working and the saving and the sweating to stash away that nest egg, the purpose is to have money you can take out to enjoy in retirement. So, let's make sure you know the rules of withdrawal and how to avoid the penalties for not abiding by those rules.

We have fielded thousands of questions about this very topic on our national radio show for 20 years, so here's a round up of the key questions about IRA withdrawals with our answers.

But before we get into that, let's make one thing clear: You are putting money into an IRA for retirement. If you expect to need that money between here and there, tuck them into a savings account instead of an IRA. By withdrawing money from an IRA early, you are essentially giving money away because of the penalties you will have to pay. Unless there is an unforeseen emergency that leaves you with no other options, do not withdraw early from your IRA!

When can I withdraw without penalty?
As far as age is concerned, you cannot withdraw money from a Traditional, SEP or SIMPLE IRA before 59 ½, and you have to start withdrawing at 70 ½ (see exceptions below).

You must take your first payout (called "mandatory distribution") by April 1 of the year after you turn 70 ½, though you can take it the same year as that fabulous 70 ½ birthday. Why mandatory distributions? Because dear old Uncle Sam wants to make sure he gets those taxes that you deferred when you contributed to your IRA.

The amount you owe for each minimum payment can be found on a chart published by the IRS, which is based on your life expectancy and the amount of money in your IRA. The only exception is if your spouse is your sole IRA beneficiary and he/she is more than 10 years your junior. If that is the case, you will use a different chart to determine your minimum payment.

Roth IRAs are a little different. The government does not force you take a withdrawal at 70 ½ (because it already has your taxes from when you contributed to the IRA!), but you cannot withdraw without penalty unless the account has been open for at least five years and you are at least 59 ½ (see exceptions below).

What happens if I don't take a mandatory distribution?
If you fail to withdraw from a Traditional, SEP or SIMPLE IRA in a given year after you turn 70 ½, you will be required to pay additional taxes on 50% of the amount you were required to withdraw. Not withdrawing to avoid paying taxes doesn't do you any good, and you will end up paying double the taxes on half of the required withdrawal. Do it at the right time and keep more money for yourself!

You are never required to withdraw money from a Roth IRA.

Next: Severe early withdrawal penalties

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