Home SIMPLE IRA Account Can I withdraw funds from my SIMPLE IRA account if there is a medical emergency?

Can I withdraw funds from my SIMPLE IRA account if there is a medical emergency?

Last updated on Sep 18, 2024

Yes. You can withdraw up to $1,000 from your retirement savings for any medical emergency. Employers will provide automatic enrollment in an emergency savings account with a maximum of $2,500. This account will be linked to your retirement plan, but you don't need to pay any penalty taxes on withdrawals from your retirement account.