9. How old are you?
Understand age differentials. A worker who leaves his or her job between the ages of 55 and 59 ˝ may be able to take penalty-free withdrawals from an employer-sponsored plan. Under the age of 59 ˝, IRA withdrawals involve tax penalties. At the age of 70 ˝, periodic withdrawals, known as required minimum distributions, must be taken from IRAs.