A Regular IRA helps one saving in a good way. It can be used even if one already has a qualified pension program if that person is a wage earner and under 70. A part or the entire deposit from income taxes can be deferred, depending on participation in other qualified pension programs. Withdrawals can begin at age 59 1/2 and must begin by age 70 1/2. There are substantial penalties for early withdrawal. However, there are exceptions for death, disability, medical expenses, health care insurance, higher education expenses, or first–time home purchases.