Individual Retirement Accounts (IRAs)

Overview
Compare Accounts

Securing your future starts today. IRAs offer special advantages for the savings you have set aside for retirement. First Citizens offers a wide array of retirement options to fit your needs.

Learn more about the DOL Fiduciary Rule >>

Tax-deferred earnings

TRADITIONAL IRA

Contributions may be tax-deductible
Anyone under age 70½ with earned income can contribute
After age 59½ withdrawals are allowed without penalty

learn more

Contributions are made with after-tax dollars

ROTH IRA

Tax-free withdrawals while in retirement
Withdraw contributions penalty-free after account has been open 5 years or any time after the age of 59½
Contribute up to $5,500 annually per taxpayer (Plus an additional $1,000 catch-up contribution if over age 50)

learn more

Greater flexibility for self-employed individuals

Simplified employee pension (SEP) IRA

Low-cost, easy-to-maintain retirement plan for business owners and their employees
No required annual contributions
Employees retain 100% ownership of their investments

learn more

Offer your employees a salary deferral plan

savings incentive match plan for employees (simple) IRA

Available for small businesses with 100 employees or fewer
Enables employees to make pre-tax salary deferral contributions to an IRA account
Employer contributions can match dollar-for-dollar or a flat percentage of wages

learn more

Compare all IRAs »

+ View Legal Disclosures − Hide Legal Disclosures

Bank deposit products are offered by First Citizens Bank, Member FDIC, Equal Housing Lender. Account openings are subject to Bank approval.

Investments in securities, annuities and insurance are not insured by the FDIC or any federal government agency; may lose value; 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. Brokerage and some investment advisory services are offered through First Citizens Investor Services, Inc. Member FINRA/SIPC.

Compare individual retirement accounts to see which one is right for you

Account type	Traditional IRA	Roth IRA	SEP IRA	SIMPLE IRA
Account type	Learn More about a traditional i r a	Learn More about a roth i r a	Learn More about a sep i r a	Learn More about a simple i r a
Best if you want	A retirement savings account that grows on a tax-deferred basis until you withdraw the funds.	A retirement savings account that has the potential for tax-free growth.	A retirement account for self-employed business owners who have very few or no employees.	To offer your employees a retirement savings plan that allows them to make pre-tax contributions.
Eligibility	Individual investors under age 70½ with earned income.	Individual investors, of any age, with earned income and an Adjusted Gross Income (AGI) within the allowable limits.	Must be a sole proprietor, a business owner in a partnership or earn self-employment income.	Business owner must have 100 or fewer employees who earned at least $5,000 in the previous year and cannot offer any other retirement plan option.
Annual Contribution Limits	2014 - $5,500 Age 50+ an additional $1,000 catch-up contribution is allowed	2014 - $5,500 Age 50+ an additional $1,000 catch-up contribution is allowed	In 2014, you can contribute 25% of eligible compensation or $52,000, whichever is lesser, for yourself and each employee, with a $245,000 compensation cap per employee.	Plan Sponsor – Mandatory 3% matching contribution or 2% non-elective contribution Participants - Up to $12,000 of compensation annually. Employees age 50 and older can defer an additional catch-up contribution of up to $2,500.
Tax Deductible Contributions¹	Contributions may be tax deductible; consult your tax advisor for details.	No	Deductible as a business expense and pre-tax contributions for employees.	Deductible as a business expense and pre-tax contributions for employees.
Taxes on Withdrawals¹	Deductible contributions and earnings are subject to taxes at withdrawal.	Withdrawals of contributions are always tax free. Earnings are tax free after five years if owner is 59½ or older, disabled, deceased or a first-time home buyer.	Earnings are subject to taxes at withdrawal.	Earnings are subject to taxes at withdrawal.
Withdrawal Penalties	Minimum required distributions start at age 70½. 10% early withdrawal penalty if under age 59½, unless an exception applies.	10% early withdrawal penalty if under age 59½, unless an exception applies.	Minimum required distributions start at age 70½. 10% early withdrawal penalty if under age 59½, unless an exception applies.	Minimum required distributions start at age 70½. 10% early withdrawal penalty (25% during the first two years of plan participation) if under age 59½, unless an exception applies.
FDIC Insured Investment Options²	Options include FDIC-insured CDs and Money Market accounts.	Options include FDIC-insured CDs and Money Market accounts.	Options include FDIC-insured CDs and Money Market accounts.	Options include FDIC-insured CDs and Money Market accounts.
Non-FDIC Insured Investment Options³	Options include mutual funds, stocks, bonds, US Treasuries, annuities, and Exchange-traded funds (ETFs).	Options include mutual funds, stocks, bonds, US Treasuries, annuities, and Exchange-traded funds (ETFs).	Options include mutual funds, stocks, bonds, US Treasuries, annuities, and Exchange-traded funds (ETFs).	Options include mutual funds, stocks, bonds, US Treasuries, annuities, and Exchange-traded funds (ETFs).
Contribution Deadline	Contributions can be made up to each year’s federal income tax return filing deadline, usually April 15.	Contributions can be made up to each year’s federal income tax return filing deadline, usually April 15.	Employer contributions can be made until the business tax filing deadline for the year, including extensions.	Contributions can be made up to each year’s federal income tax return filing deadline, usually April 15.
Account type	Traditional IRA	Roth IRA	SEP IRA	SIMPLE IRA
Account type	Learn More about a traditional i r a	Learn More about a roth i r a	Learn More about a sep i r a	Learn More about a simple i r a

+ View Legal Disclosures − Hide Legal Disclosures

1. Consult your tax advisor.

2. Bank deposit products are offered by First Citizens Bank, Member FDIC, Equal Housing Lender. Account openings are subject to Bank approval.

3. Investments in securities, annuities and insurance are not insured by the FDIC or any federal government agency; may lose value; 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. Brokerage and some investment advisory services are offered through First Citizens Investor Services, Inc. Member FINRA/SIPC.

Individual Retirement Accounts (IRAs)

Overview

Compare Accounts

Securing your future starts today. IRAs offer special advantages for the savings you have set aside for retirement. First Citizens offers a wide array of retirement options to fit your needs.

Learn more about the DOL Fiduciary Rule >>

TRADITIONAL IRA

ROTH IRA

Simplified employee pension (SEP) IRA

savings incentive match plan for employees (simple) IRA

Questions?

Email us

Or call

Popular Links

Individual Retirement Accounts (IRAs)

Overview

Compare Accounts

Securing your future starts today. IRAs offer special advantages for the savings you have set aside for retirement. First Citizens offers a wide array of retirement options to fit your needs.

Learn more about the DOL Fiduciary Rule >>

TRADITIONAL IRA

ROTH IRA

Simplified employee pension (SEP) IRA

savings incentive match plan for employees (simple) IRA

Additional Information

Questions?

Email us

Or call

Learn more about Digital Banking

Get the Mobile & Tablet Banking app

Popular Links