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One must carefully plan his future, in case he wish to lead a secure life after the retirement from work. To save the money for one’s future, the retirement plans such as IRA comes as a ‘safe’ tool to fund the health expenses as well as household expenses during old age. In case a person doesn’t give careful importance to various nuances of ira, he might actually end up losing his money in ira. Careful guidance and planning is required for borrow from ira also. Once a person reaches 59 ½ years, he can actually start borrow against ira money. Till that point of time, he has to restrain himself or borrow from ira only in case of emergency monetary conditions. I can borrow from my ira and repay it back within the actual time frame allowed, i.e. 2 months. This is actually fine, but there is one more basic rule which needs to be kept in mind, that is, one can borrow from ira only once in a year. This is basically to restrain the people from taking the money from one ira account and start accumulating it another ira account several times in a year. The better option in case of financial crunch is always the savings account or the fixed deposits. The option of ira should always be considered only at the last moment when the person has no other source of money except this.