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.
Retirement plans for business owners
Simplified Employee Pension (SEP) IRAs are best for business owners with few or no employees.
SEP IRA 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 or a set number adjusted annually.
When providing a match, you must contribute the same percentage to all eligible employees.
SEP IRA Withdrawals
Minimum required distribution
If you're over the age 70 1/2, 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 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; 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.
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.