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Can I withdraw funds from my SIMPLE IRA account if there is a medical emergency?
Yes. You can withdraw up to $1,000 from your retirement savings for a qualified medical emergency. Employers will automatically enroll you in an emergency savings account, with a maximum balance of $2,500. This account is linked to your retirement plan. Withdrawals made for emergencies are penalty-free, meaning you won’t incur any early withdrawal tax penalties.
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