Fidelity’s Savings Investment Match Plan for Employees (SIMPLE IRA) makes it easier for self-employed individuals and small businesses with 100 or fewer employees to offer tax-advantaged retirement plans.

Plan features

Tax advantages


  • Employer contributions are deductible as business expenses.


  • Tax-deferred growth potential
  • Pretax contributions for participants


  • Must have 100 or fewer employees who earned at least $5,000 in the preceding year
  • Cannot maintain any other employer-sponsored retirement plan


  • Must have earned at least $5,000 from the employer in any two preceding years
  • Must be expected to earn at least $5,000 in the current year1

Funded by employer contributions and elective employee salary deferrals

Plan Sponsors:

  • Mandatory 3% matching contribution or 2% non-elective contribution


  • Up to 100% of compensation, with a maximum of $12,500 for 2016 and 2017 ($15,500 if age 50 or older)
Establishment deadline

For current tax year: Set up and notify employees by October 1.2

Administrative responsibilities

Certain annual employee notifications must be made.

No plan tax filings with the IRS are required.


Minimum required distributions starting at age 70½

10% early withdrawal penalty (25% for first two years of plan participation) if under age 59½, subject to certain exceptions

Investment options

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

Only certain fund families have mutual funds that are eligible investments for SIMPLE IRAs with no minimum initial investment requirement.

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


$350 per plan3 collected annually from the employer; or $25 per participant3 collected annually from participants' accounts

Next steps

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

Get started on your own. Get a jump on the paperwork for your new plan.
Rated 4.2 out of 5 by 85 reviewers.
Rated 5 out of 5 by It's SIMPLE Our company's SIMPLE IRA was totally easy to set up. Have everyone fill out the forms for their accounts and mail it to Fidelity's PO box. Didn't require a salesperson to make an onsite visit. April 9, 2016
Rated 5 out of 5 by Simple and convenient Fidelity has been great. Their walk-in service center and over the phone help has been extremely helpful and their web platform is simple and intuitive as well. As a small business owner, I have been very pleased with Fidelity. They are very user friendly January 24, 2017
Rated 5 out of 5 by Easy to set up For a small nonprofit with few employees, a simple IRA is the way to go. It was easy to set up and manage. January 16, 2017
Rated 5 out of 5 by good plan Very happy with Fidelity. The service is excellent. November 15, 2016
Rated 4 out of 5 by Flexible 401k I have always had traditional 401k and IRA instruments to work with from my employers and personal finance consultants. My new employer is not large enough to offer those types of services, so I was pleasantly surprised at this SIMPLE IRA. It offers many more opportunities to "play" with my savings, including all of the traditional services you find within a normal 401k. If I had the time and drive to try day trading, Fidelity offers all of the resources, guidance, and tools to go for it with competitive rates and the tax advantage of keeping it within the retirement account. I am still new to the SIMPLE IRA, but so far, it is exceeding my expectations. October 3, 2016
Rated 4 out of 5 by Slow start I had some trouble with some of the forms needed when setting up the account. Customer service could have done a better job explaining exactly what was needed to finish opening the account and transferring assets. Once the account is up and running it is very easy to manage monthly deposits with plan manager, and to link the simple account to other investment accounts I have with Fidelity. September 21, 2016
Rated 2 out of 5 by SIMPLE IRA The SIMPLE Plan was not easy to get started and the service team lacked knowledge to assist. September 13, 2016
Rated 4 out of 5 by Looks Like A Great System - How Can I Start Using It? I have money in my account to invest but am not familiar with the stock market, market websites, or how to do anything with the money. July 18, 2016
Rated 5 out of 5 by valuable links I value the accessibility of literature from the Fidelity website at my fingertips and the knowledge of educated Fidelity employees who are just a phone call away. In addition, the visual graphs and photos, scenario examples, explained terminology, advanced email notification of seminars, training & videos have been useful. May 16, 2016
Rated 4 out of 5 by Good Secure and helpful for people who don't have a lot of time for this. May 2, 2016
Rated 4 out of 5 by Happy First Time User I am a new user to Fidelity and overall I am very satisfied. The only suggestion I would currently make would be to make the fund allocation available online. I currently fund my simple every other week with an automatic deposit. I would like to be able to easily change the allocation of those funds. May 2, 2016
Rated 4 out of 5 by Simple Review I have been pleased with Fidelity's simple IRA. Your website is easy to navigate. I am always up to date on what is going on with my IRA. March 7, 2016
Rated 5 out of 5 by great phone and email support If I have any questions, your staff responds quickly and efficiently. December 19, 2015
Rated 3 out of 5 by Hard to figure out how to invest The resources on how to invest the money I am putting into my IRA are not easy to find and use. October 6, 2015
Rated 5 out of 5 by Superior Service; Superior Options With the SIMPLE IRA from Fidelity, it's been a smooth and easy ride transitioning from an older, less useful, few options, and very costly SIMPLE IRA from a less capable firm. On behalf of the other employees who also made the move to Fidelity, I could not be happier, more satisfied, and more confident that this move to Fidelity will not only benefit folks now, but far into the future. September 9, 2015
Rated 3 out of 5 by Not as easy to just pay into and see results The site is a little daunting, and I would have preferred talking to a live person to go through my set up. August 31, 2015
Rated 4 out of 5 by "Self Directed"??? The one problem I have with the simple plan is that I must call into a representative to alter my allocation % of my contributions. This should be online August 17, 2015
Rated 4 out of 5 by Good Product For the most part everything is pretty smooth. Readding employees that come back needs to be easier. July 14, 2015
Rated 2 out of 5 by Can't setup automatic purchases... What a waste. Just love how I have to login each time we do a deposit, then I have to MANUALLY purchase what I want...Only reason I use Fidelity is because it's what the Company uses [ugh!]. July 13, 2015
Rated 5 out of 5 by its an IRA I am fairly young (20s) and do not know anything about investing other than the basic courses in High School. The Simple IRA is well, simple to use for me and easy to set up, though it took a bit to figure out how to navigate it... My employer set up the account. June 29, 2015
Rated 5 out of 5 by Wonderful Features online I love the traditional way companies do employee retirement options, but when we moved to this I have learned so much more about finances in the retirement area and I love this even more. May 26, 2015
Rated 5 out of 5 by Simple IRA I've had this open at fidelity for many years and it has been good for my few employees and for the business. Kudos to Fidelity for making it straightforward and easy. March 2, 2015
Rated 1 out of 5 by Lack of Direct Withdrawal to My IRA My employer neglected to put money into my IRA for 3 months while deducting money from my paycheck. It should have been a way to force my employer to directly deposit money from my pay instead of mailing checks by my employer. I regret I enrolled in the company IRA if I constantly nag my employer to put my money into my IRA. I'm considering canceling. January 19, 2015
Rated 5 out of 5 by Inexpensive and easy Easy to implement as a small employer. Low fees and almost unlimited investment selections. October 21, 2014
Rated 5 out of 5 by Review - Simple IRA This is a great service and I am glad it's offered. I use it frequently. I wish there was a way this account was shown to my other accounts when I log in under my username. Also if there was a place that showed how much of the $12k year contribution I had met each year. October 1, 2014
Rated 4 out of 5 by unsure but confident New member so not much experience so a 6 months review may be a little premature. July 16, 2014
Rated 5 out of 5 by Simple - Simple IRA We had a 401K with another company that was very difficult to follow. The funds were not listed, so the only way to check was through their site. They had high admin fees, also. Fidelity makes everything simple. Fidelity fund choices are great and you can be as flexible as you want in making trades in stocks, if you choose to go that way. Customer service advisers are always helpful, no matter what your question is. June 17, 2014
Rated 5 out of 5 by Awesome Tools, Resources, and Options Prior to my firm switching to Fidelity's Simple IRA, I passively watched quarterly statements. Since the change to Fidelity, I've enjoyed reading Fidelity's Insights and Viewpoints. The convenient access to Research tools is also great. These tools have broadened my knowledge about investment planning and made me a much more educated investor. Fideliy's mobile apps for Android and iPad are also great. June 17, 2014
Rated 2 out of 5 by Problems with customer service I have had a lot of weird customer service issues with my account since I started my new job in October. When this account was created when I was hired, the first communication I got from Fidelity was an email that said "Your email address has been changed." Ummm...what? Turns out that many years ago I had an account with Fidelity but it closed when I left that job and I forgot it ever existed. Still, why was that my first introduction to my new account? Very disconcerting and worrisome. Secondly, I tried at least 6 times to get emailed statements instead of paper statements. I logged in and updated my account 3 times and had to call customer service 3 times before they could finally resolve the issue. Meanwhile, I was getting paper statements in the mail every two weeks that said "Please reduce waste and sign up for eStatements." I don't know why it was so difficult but this was very frustrating. June 2, 2014
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