Give your employees a reason to save for retirement
Easy to set up and operate for busy business owners.
Make tax-deferred contributions through payroll deductions.
Choose between options to customize employer contributions.
Keep retirement plans simple
A SIMPLE IRA is best for businesses under 100 employees or self-employed individuals.
Simple IRA Contributions
Employers must contribute up to a 3% match or 2% non-elective contributions.
Employee contribution limits
Employees can contribute up to 100% of their compensation annually up to $15,500.
Encourage saving for retirement
Give your employees an incentive to plan for their futures while you earn a tax deduction or credit.
Simple IRA Withdrawals
Built for long-term saving
Withdrawals made within the first 2 years of plan participation may lead to a 25% penalty fee.
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 withdrawal before the age of 59 1/2, there's a 10% penalty fee in addition to income taxes.
Not sure where to start? Let us help you down the path to successful retirement.
Your investments in securities, annuities and insurance are not insured by the FDIC or any other federal government agency and may lose value. They are not a deposit or other obligation of, or guaranteed by any bank or bank affiliate and are subject to investment risks, including possible loss of the principal amount invested. Past performance does not guarantee future results.
First Citizens Wealth Management is a registered trademark of First Citizens BancShares, Inc. First Citizens Wealth Management products and services are offered by First-Citizens Bank & Trust Company, Member FDIC, Equal Housing Lender; First Citizens Investor Services, Inc., Member FINRA and SIPC, an SEC-registered broker-dealer and investment advisor; and First Citizens Asset Management, Inc., an SEC-registered investment advisor.
Brokerage and investment advisory services are offered through First Citizens Investor Services, Inc., Member FINRA and SIPC. First Citizens Asset Management, Inc. provides investment advisory services.
Bank deposit products are offered by First Citizens Bank, Member FDIC.
See more about First Citizens Investor Services, Inc. and our investment professionals at FINRA BrokerCheck.
Account openings are subject to bank approval.
This information is provided for educational purposes only and should not be relied on or interpreted as accounting, financial planning, investment, legal or tax advice. First Citizens Bank (or its affiliates) neither endorses nor guarantees this information, and encourages you to consult a professional for advice applicable to your specific situation.