Consider Withdrawing From Your IRA To Pay For Medical Insurance
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If there is an upside to the financial woes many people are facing, it’s knowing that you can withdraw money from your simple IRA in order to pay for medical insurance. There are, however, certain conditions which must be met to avoid penalties for early withdrawals. The plan participant must have lost his or her job and has received unemployment compensation for 12 consecutive weeks. Additionally, the distribution must be received either during the year that unemployment compensation was received, or during the following year. Another requirement is that the distribution cannot be received beyond 60 days after you have begun working again.
