SIMPLE IRA
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 |
Employers:
Participants:
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Eligibility |
Employers:
Participants:
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Contributions |
Funded by employer contributions and elective employee salary deferrals Plan Sponsors:
Participants:
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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. |
Withdrawals |
Required minimum distributions starting at age 723 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 |
Research and tools to help you create a long-term plan and choose investments |
Fees |
No account fees and no minimum to open an account4 |
Next steps

