This week's Slott Report Mailbag looks into inherited IRAs, spousal rollovers, and 401(k)'s.

Retirement plans are intended to be used for retirement. However, sometimes life gets in the way and you need to tap those funds early. Generally, when you take a distribution from your retirement plan prior to reaching age 59 1/2, you will be hit a with a 10% early distribution penalty. However, there are some exceptions to the penalty. Determining whether an exception applies can be tricky because some exceptions apply only to IRAs and some apply only to company plans. Other exceptions apply to both. Take our 10% early distribution quiz and see how well you know these complicated rules.

A very common mistake on the part of IRA owners and plan participants is thinking that distributions taken because of their financial difficulties are tax and penalty free.

This week's Slott Report Mailbag looks into SEP-IRAs, 403(b)s and inherited IRAs.

Nothing lasts forever. This includes tax deferral on your IRAs. Eventually, Uncle Sam is going to want his share and will require funds to come out of these accounts. That is when required minimum distributions (RMDs) must begin. What if you don’t need the money? What if you don’t want a tax hit? Here are five strategies to reduce your RMDs.