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Kevin comments on Why is it rational to invest in retirement? I don't get it. - Less Wrong
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Tax advantaged retirement accounts are, you know, tax advantaged. That pretty much says all that you need to know about it. You should invest dollars into where the free money is up until the marginal dollar invested yields as much utility as the marginal dollar spent elsewhere.
In other words, as much as you can afford.
I don't think the marginal dollar invested in a retirement account yields anywhere near the utility of the marginal dollar spent elsewhere, even with the tax advantages. Freezing your money for decades is a huge deal. If you're 55, sure, go ahead; if you're in your twenties, putting money into a retirement account is almost as bad as setting it on fire.
You can withdraw money from a traditional IRA for a first time home purchase without penalty, I think.
Only $10K.