Ken and Daria Dolan, America's First Family of Personal Finance, answer your money questions every Friday.

Click here to ask Ken and Daria your question.

There's plenty of talk when it comes to retirement planning about how to save, where to save, and the amount to save. But what happens when you're done saving and ready to start spending?

After all, the purpose of an IRA or any retirement account is not to put money away. Oh no. After all the work to build a nest egg, the purpose is to have money you can take out to enjoy retirement. So let's make sure you know the rules of withdrawal and how to avoid the penalties for not abiding by those rules. Check out our video response below to learn more.

Dear Ken and Daria,

I am 62 years old and thinking of closing my IRA. How should I take out the money?

-Linda

Is your retirement planning on track? Learn how to start saving for your future and get answers to all your questions about IRA rules, rollovers and more at Dolans.com.