Tracy Wayne Mitchell, a retirement expert and president of Mitchell and Associates, helps retirees plan their income and created a marketing program called LeadQuest. He also runs Federal Employee Benefit Advisors, which provides financial counseling for federal employees. Traditional IRAs allow people saving for retirement to defer taxes until withdrawals, and retirees usually save taxes by being in a lower tax bracket after retiring. The IRS regulates IRAs, requiring disbursements start at 70 1/2 and charging a 10% penalty for withdrawals before 59 1/2 years of age.