Saving for retirement in an IRA is a good way to secure your financial future. But this year in particular, there may be a few specific moves you're thinking of making with your IRA that could really set you back from achieving that goal. Here are three to steer clear of.
1. Taking an early withdrawal to buy a home
Mortgage rates have fallen to record lows this year, so many buyers are clamoring to purchase homes. While taking a withdrawal from an IRA before age 59 1/2 normally results in a 10% penalty, there's an exception for first-time homebuyers -- namely, you're allowed to withdraw up to $10,000 from your IRA penalty-free to purchase a primary residence.