SEP IRA: Simplified Employee Pension Plan

Simplified Employee Pension Plans (SEP IRAs) help self-employed individuals and small-business owners get access to a tax-deferred benefit when saving for retirement.

Reasons to consider a Fidelity SEP IRA

  • Easy to set up and maintain
  • Flexible annual funding requirements
  • Wide range of investments
  • Contribute online, by phone, or by mail

Compare all small-business retirement plans

Get started now

Or call 800-544-5373 and select option 3 to speak with a small-business retirement specialist.

Tax advantages

Tax-deferred growth potential

Tax-deductible contributions

Investment options

A wide range of mutual funds, stocks, bonds, ETFs, and FDIC-insured CDs

Support and guidance

One-on-one guidance—in person, online, or over the phone

Research and tools to help you create a long-term plan and choose investments


Must be sole proprietor, a business owner, in a partnership, or earn self-employment income by providing a service

Contribution rules

Must be made by the employer

Can vary each year between 0% and 25% of compensation (maximum $53,000 for 2016 and $54,000 for 2017), and each eligible employee must receive the same percentage

Calculate how much you can contribute using our Self-Employed Contribution Calculator.

You also can use our SEP IRA Contribution Worksheet (PDF).

Establishment deadline

April 15 tax filing deadline for most self-employed individuals and small-business owners (including any extensions)


Employee notification of employer's contribution

Employers must fill out and retain Form 5305 SEP (PDF) in their records.

No plan tax filings with IRS


Each employee must open an individual SEP IRA account.


Minimum required distributions starting at age 70½

10% early withdrawal penalty if under age 59½, subject to certain exceptions

Account fees

No annual fees, no establishment fees*

*There is no cost to open and no annual fee for Fidelity's Traditional, Roth, SEP, and Rollover IRAs. A $50 account close out fee may apply. Fund investments held in your account may be subject to management, low balance and short term trading fees, as described in the offering materials. For all securities, see the Fidelity commission schedule for trading commission and transaction fee details.

Trading fees

$4.95 for online U.S. equity trades

Next steps

Open a SEP IRA online or call 800-544-5373 and select option 3 to speak with a small-business retirement specialist.

Ready to get started?

Rated 4.3 out of 5 by 172 reviewers.
Rated 4 out of 5 by Lots of options and low fees Fidelity SEP-IRAs have access to Fidelity's wide range of low-fee mutual funds as well as low commission stock purchases. Convenient and has good customer service. Also provides access to useful on-line seminars. The only weakness is on-line security. While 2-factor authentication isn't necessary, I would prefer to have a challenge question as with some other investment accounts. April 13, 2015
Rated 5 out of 5 by Electronic fund transfer Being able to electronically transfer funds into my account is incredibly convenient. April 6, 2015
Rated 5 out of 5 by SEP IRA Great alternative to doing it with a broker if you prefer trading yourself. Also the Fidelity office is conveniently located just around the corner from my office. March 9, 2015
Rated 4 out of 5 by Good Experience I had a great meeting with the agent who set up my accounts, and customer service has been perfect ever since. The only issue I have is that I have to reset my password every time I come onto the site. The solution I was given by a customer service agent didn't work. If it's because I use a MAC instead of a PC, I wish that could be fixed. But that's a small inconvenience, and I'm very happy with Fidelity. February 23, 2015
Rated 5 out of 5 by Veteran Writing Services LLC As a new small business owner, Fidelity provided the exact information I needed to make a decision on the right plan for my situation. The agents were very knowledgeable and courteous and walked me through all options. This could not have been any easier. I look forward to doing business with my new partner. February 11, 2015
Rated 5 out of 5 by SEP/IRA, Reliable I am fairly self-sufficient and I find that this Fidelity program works well with what I use it for. I have this on my Fidelity App also and can easily review each day while not at the office. I have several Watch Lists, one is the SEP, one is the Joint and one is a looksee of various stocks and funds that I watch out for. So without logging in it is a great convenience for me. February 10, 2015
Rated 5 out of 5 by Great but one comment Love it, but one comment would like more options to toggle the view / default view on my 'positions' page. I want to see how its performed $/time ie change since purchase isn't very helpful when i've bought things at different times. Annualized return since purchase or something similar would be a more effective metric. Also a better easy view of overall performance (say in the last month or year) including sold assets. February 2, 2015
Rated 5 out of 5 by Better than other brokerage accounts As a recently retired financial adviser I have seen many brokerage accounts. The Fidelity account is much easier to use and is more feature rich. December 26, 2014
Rated 5 out of 5 by No Complaints. Great Value. I am totally satisfied with my Fidelity SEP IRA. Fidelity made it easy to transfer to Fidelity and were there to answer all questions and guide me as necessary. Good Job!! December 9, 2014
Rated 4 out of 5 by Almost Perfect Great option for retirement, easy to open, however you can not transfer money to this account online. You must call to add a new contribution each time. November 23, 2014
Rated 5 out of 5 by My money is safe here. Fidelity is such a pleasurable company to work with. They listen to what their clients want. Simply the best. Lee Cantor November 11, 2014
Rated 4 out of 5 by A place to put retirement money My SEP is like an unknown to me. I put money in and hope for the future. October 22, 2014
Rated 1 out of 5 by SEP-IRA The worst product on the market coupled with terrible customer service. No matter how many times I request the EFT option to transfer funds from my bank to my SEP-IRA, fidelity can't seem to make it happen. Basically, you're left with an account that you can't use unless you want to make a phone call every time you want to transfer funds. It really makes saving for retirement extremely inconvenient. October 14, 2014
Rated 4 out of 5 by Efficient Easy to quickly open and fund an account. Consistent communications regarding investment strategies. October 7, 2014
Rated 5 out of 5 by Satisfied I rate my SEP plan excellent in all categories, although customer service will always stand out as the very best. When I was trying to transfer money from another account, Fidelity was easy to work with and did all they could do to move the transaction along when I was getting delays in the process. October 2, 2014
Rated 5 out of 5 by Great investment opportunity for self employees with SEP IRA I'm a realtor and need to plan my retirement wisely. Because I'm self employed, I think SEP IRA is one of the best retirement options and Fidelity has low fees and the web site is easy to navigate for either checking the balance or trading stocks or bonds. October 1, 2014
Rated 5 out of 5 by Simple and Convenient After several years of self-employment, I decided that the regular IRA was not adequate for me. I researched the different types of retirement savings and decided at the last minute that I needed to use the SEP-IRA. It was very quick and simple to set up the account and transfer funds from my other Fidelity account. Then I allocated the funds at my convenience. October 1, 2014
Rated 4 out of 5 by SEP-IRA The only slightly negative would be the lack of being able to electonically transfer funds into account. September 27, 2014
Rated 1 out of 5 by No Idea! I went to the Paramus, NJ branch to get this set up and have reached out a handful of times to figure out how to get it set up and can't get anyone to help. September 17, 2014
Rated 3 out of 5 by annoyed. it's annoying i can't have a monthly sweep from my bank account to Fidelity. i'm supposed to call in every month and you know i don't do it. September 16, 2014
Rated 5 out of 5 by very happy with SEP-IRA Fidelity staff was very helpful & knowledgeable. Was as easy as could be and investment options are virtually unlimited. Highly recommended. August 29, 2014
Rated 5 out of 5 by Fast and Easy The website is pretty easy to navigate and loaded with research. August 8, 2014
Rated 5 out of 5 by SEP IRA My experience with Fidelity has been good. The web site works quite well. July 29, 2014
Rated 5 out of 5 by Easy to Navigate I have moved two accounts into one Fidelity SEP-IRA. Great value and great information at my fingertips. Customer service is also terrific. July 29, 2014
Rated 3 out of 5 by Blah Have not heard back from my investment professional after several attempts. July 15, 2014
Rated 5 out of 5 by Easy and Fun! Setting up my SEP-IRA was quick and easy. Everyone at Fidelity took great care of me! June 24, 2014
Rated 4 out of 5 by SEP IRA Review The convenience is that I have most of my retirement in Fidelity 401K so great that an SEP IRA was available as its my current employers retirement vehicle. I have not been active in managing this and am not sure if its invested properly - or even if I have options to do so. June 10, 2014
Rated 3 out of 5 by SEP IRA capability terrific; online reporting miserable I like everything about the functionality of the Fidelity SEP IRA. However, up-to-date information about current year withdrawals, deposits & ROTH conversions do not exist. The only way to get the information is thru the excruciating process of reviewing the detailed transaction history. May 30, 2014
Rated 5 out of 5 by Quick and Competent Very easy to open an IRA-SEP at Fidelity, and the prompts are easy to understand. May 21, 2014
Rated 4 out of 5 by Good plan for small business The Fidelity SEP IRA is a good choice for my small business, as it gives me the necessary flexibility while still providing a good alternative to a 401K. The only downside that I currently see is that to transfer monies into the account, I need to send a check or call a representative to have the electronic transfer initiated from the Fidelity side. I'd prefer to be able to initiate the electronic transfer myself. May 14, 2014
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