Retirement accounts are meant to be used when you retire and not for other financial needs along the way. As we all know, sometimes plans don’t work out exactly how you want them to. When a person has an Ira, they will pay an Ira Premature Distribution Penalty to the IRS if they take out any of their money before the age of 59.5. This penalty is ten percent of whatever is taken out. That can be significant for people depending on the amount of money withdrawn. Trying to find a better way to meet your immediate financial needs is a good idea to avoid paying this penalty. If you are in need of money, this will only cause you to lose even more.