Simple IRA

Give employees motivation to save

A small business Savings Incentive Match Plan for Employees Individual Retirement Account, or SIMPLE IRA, is a contribution-based retirement investment account designed specifically for small businesses with 100 or fewer employees.

Easy Set Up

Simple to set up and easy to maintain.

Pre-Tax Advantage

Make tax-deferred contributions through payroll deductions.

Flexible

Choose between options to customize employer contributions.

Simple IRA Eligibility

Keep retirement plans simple

A SIMPLE IRA is best for businesses under 100 employees or self-employed individuals.

  • Eligible if you don't offer another employer-sponsored plan
  • Employees must have earned at least $5,000 from you in each of 2 previous years to participate (see IRS Publication 3998 for the full set of requirements)
  • If you expect to earn at least $5,000 in the current year
Simple IRA features

Easy and affordable

Match or set?

Employer contributions are based off a match or a set percentage.

Smart deductions

Employee contributions are pre-tax and made through payroll deduction.

More options

A variety of investment options are available, including CDs, mutual funds, stocks, bonds, annuities, Exchange Traded Funds (ETFs) and managed asset accounts.

Simple IRA benefits

Make the most of your plan

Flexible

Adjust your employer contribution to pay a 2% fixed percentage or a match up to 3%.

Contribute more

Reduce business taxes with additional tax deductions and credits that may be available.

Easy to maintain

Save time and money with less paperwork and administration.

Not sure where to start? We'll help you find the path to a successful retirement today

MoneyGuidePro®

View your financial plan at a glance

Adjust goals to see different scenario outcomes

Collaborate with your financial partner

Explore MoneyGuidePro
MoneyGuidePro®

View your financial plan at a glance

MoneyGuidePro®

Adjust goals to see different scenario outcomes

MoneyGuidePro®

Collaborate with your financial partner

Explore MoneyGuidePro
Qualified Retirement Plan

Create a retirement package for your employees

A strong employee retirement plan can increase your bottom line.
Learn more about Qualified Retirement Plans
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Insights

Grow your business

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.

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