SEP IRA

Retirement for the independently minded

Free if you're eligible

No fees to set up or contribute, just meet the eligibility criteria.

Get tax breaks

Individual contributions are tax deductible as a business expense.

Save what you can

Flexible, higher annual contribution limits compared to other IRAs.

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Eligibility

Retirement plans for business owners

Simplified Employee Pension (SEP) IRAs are best for business owners with few or no employees.

  • You're the sole proprietor of a business
  • You're a business owner in a partnership
  • You're an individual earning self-employment income

SEP IRA Contributions

Employer contributions

As an employer, you must make your SEP IRA contributions by the business tax filing deadline each year.

Contributions can vary from year to year

Annual contributions can't exceed 25% of compensation, up to $69,000.

Equal contributions

When providing a match, you must contribute the same percentage to all eligible employees.

SEP IRA Withdrawals

Minimum required distribution

If you're over age 73, you're required to take a distribution.

Withdraw without penalty

If  you're 59 1/2, all withdrawals are permitted penalty free but will be subject to income taxes.

Penalty for early disbursements

If you make any withdrawals before age 59 1/2, there's a 10% penalty fee in addition to income taxes.

Not sure where to start? We're here to help.

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About the Entities, Brands and Services Offered: First Citizens Wealth™ (FCW) is a marketing brand of First Citizens BancShares, Inc., a bank holding company. The following affiliates of First Citizens BancShares are the entities through which FCW products are offered. Brokerage products and services are offered through First Citizens Investor Services, Inc. ("FCIS"), a registered broker-dealer, Member FINRA and SIPC. Advisory services are offered through FCIS, First Citizens Asset Management, Inc. and SVB Wealth LLC, all SEC registered investment advisors. Certain brokerage and advisory products and services may not be available from all investment professionals, in all jurisdictions or to all investors. Insurance products and services are offered through FCIS, a licensed insurance agency. Banking, lending, trust products and services, and certain insurance products and services are offered by First-Citizens Bank & Trust Company, Member FDIC, and an Equal Housing Lender, and SVB, a division of First-Citizens Bank & Trust Company. icon: sys-ehl

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FirstCitizens.com/Wealth/Disclosures

SVB.com/Private-Bank/Disclosures/Form-ADV

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