INDIVIDUAL RETIREMENT accounts, commonly known as IRAs, are retirement fund staples for many people. Traditional IRAs let workers take a tax deduction when they deposit money into their account and then pay taxes when they make a withdrawal.

It sounds straightforward, but exactly when you withdraw that money can make a big difference in how much you end up paying the government in taxes and fees.

Here are five things you should know before pulling money from your traditional IRA:

• You could pay a penalty if you withdraw money too early.

• You could miss a window for tax savings if you withdraw too late.

• You are required to make minimum withdrawals from traditional IRAs once you reach age 72.

• Your IRA withdrawals could affect your Medicare premiums.

• You may be able to avoid an early withdraw penalty in certain circumstances.

Read More: https://money.usnews.com/money/retirement/articles/what-to-know-about-withdrawing-money-from-a-traditional-ira