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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 $12,000 for 2014 ($14,500 if age 50 or older) and $12,500 for 2015 ($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 64 reviewers.
Rated 4 out of 5 by Allow to hide or delete former employees Please allow administrator/employer to hide or delete from view former employees. I am always afraid I am going to accidently deposit money into the wrong account (a former employee). Thanks February 18, 2013
Rated 5 out of 5 by Business Manager Should be able to change future contribution on internet. We should not need to call and stay on phone to change contributions. February 18, 2013
Rated 5 out of 5 by Management I would like to know more about managing the account on my own. February 18, 2013
Rated 1 out of 5 by Way too expensive!! A charge of $75 for a mutual fund trade is ridiculous! I had over $1M in retirement savings that I moved out of Fidelity when you implemented the $75 trade fee. When I am eligible to rollover the Simple IRA and get it out of Fidelity, I will do it. Your competitors charge a small fraction of what you charge! A charge of $75 for a mutual fund trade is ridiculous! February 18, 2013
Rated 5 out of 5 by owner Don't change anything if it ain't broke don't fix it!!! February 18, 2013
Rated 5 out of 5 by Better than a 401K The Fidelity Simple IRA allows for investing in all equity types, not just a selection of a dozen mutual funds as most 401Ks offer. February 18, 2013
Rated 5 out of 5 by Administrator I love using the Fidelity Simple IRA. Its very easy to go online and enter the necessary data. The only thing I would change is that when an employee leaves, I would like to be able to at least hide their name off of the monthly data entry. February 18, 2013
Rated 5 out of 5 by Great!!! Great product! Love the flexibility it allows me to have. Also pretty "dummy proof". Really tough to make B A D miatakes here! I feel like I am well looked after here. February 18, 2013
Rated 5 out of 5 by Simply SIMPLE Offerring this simple account for my employees and myself has been easy to set up and in conjunction with my accounting company, funding is completed electronically with every pay period. February 17, 2013
Rated 3 out of 5 by Website could be more interactive It is nice to be able to view account online. However, the functionality is less useful than other online brokerage accounts I have. Specifically, I'd like to be able to reset my investment allocations easily online, and have not yet found an easy way to do so. i.e. I'd like to change the % allocation for each fund, but cannot do so. February 17, 2013
Rated 5 out of 5 by Easy to Use website makes research and trading extremely easy to use February 17, 2013
Rated 5 out of 5 by Saving for Retirement Fidelity offers great mutual fund choices for my Simple IRA plan. Ease of contribution and clear statements about how my funds are doing. February 16, 2013
Rated 4 out of 5 by Good with room for improvement It would be much more convenient if changing the fund or funds that automatic contributions go into could be accomplished online. It is not convenient to call the Fidelity 800 number, punch in a username, pinch in my DOB, punch in my password, wait on hold for someone to take the call, verbally identify myself via name and security questions, and then finally get around to making a very simple request. February 16, 2013
Rated 4 out of 5 by Need more automation Would be great if my contributions could be automated for my staff. The new website is much improved overall. Documents for new employees should be together in an easy downloadable zip file. February 16, 2013
Rated 5 out of 5 by Easy to set up and administer Very easy to set up,use, and follow contributions made throughout each year. February 16, 2013
Rated 4 out of 5 by Easy to Use; Lacks tracking method I think the program is easy to use. The only change I would make is to be able to go back and see what transactions have taken place - For example, as the employer, I would like to be able to check on transactions made during the year to verify that I am up to date with deposits. I know that I get this information in paper form if I wait but I'd like to be able to access the information anytime online. February 16, 2013
Rated 5 out of 5 by Secure and reliable I am able to conveniently check my account online. February 15, 2013
Rated 5 out of 5 by SIMPLE PLAN Great service and appreciate the ease of dealing with Fidelity in all aspects of investing with the SIMPLE plan. February 15, 2013
Rated 3 out of 5 by requested review The Simple IRA seems to work fine. I would like to know if there are other products that I should be using in connection with the simple IRA to best advantage tax deferred savings . I feel that since the match for this is small I would like to learn more about how I can plan better. February 15, 2013
Rated 4 out of 5 by Secure and reliable I like the simple Ira very much. It's convenient and reliable. February 15, 2013
Rated 5 out of 5 by Great Service I have complaints about the SIMPLE plan through Fidelity. I have several investment accounts with Fidelity and I trust them with my money! February 15, 2013
Rated 4 out of 5 by Good Options I like the Fidelity SIMPLE IRA because there are many investments to pick from, including low-cost indexed funds. The only drawback I have noticed is that if you want to change the allocation of your contributions, you have to call. It would be nice if there was a way to do this online. February 15, 2013
Rated 1 out of 5 by Too confusing You do not make it very easy to figure out what is going on with my account and what other options I may have. February 15, 2013
Rated 4 out of 5 by Review of Simple I would like to be able to remove former employees from the contribution screen. Having their names in there makes it possible for me to mistakenly contribute to their account when they have been gone for several years. I would like to be able to check them as inactive so they don't show up in the contribution screen even if you need to keep them in our Simple account for your records. February 15, 2013
Rated 5 out of 5 by Easy access, lots of options Broad selection of investment products, very easy to utilize them using the web site. February 15, 2013
Rated 5 out of 5 by Glitch free Setting up and maintaining our Simple Plan has been easy. Monthly contributions, done online, make things truly "simple." February 15, 2013
Rated 5 out of 5 by easy to use I have sometimes needed help figuring out amounts, but the professionals at Fidelity have always been quick to respond and I'm confident the calculations were accurate. Once it was established, it was easy to use and easy to fund. February 15, 2013
Rated 1 out of 5 by Poor Service Fidelity has been nothing but unsatisfactory in my opinion. They have made mistakes with deposits and have taken an extraordinary amount of time, (3 months), and a rediculous amount of paperwork to correct the problem. They also have no respect for penny stocks. They have absolutely refused to remove a restricted legend on a dividend, since they lost the original share certificate. Appalled!!! I would not recommend fidelity to anyone. February 15, 2013
Rated 2 out of 5 by No help for the small fish I have never invested in my life and when I reached out to get advice I felt snubbed. I may not have a ton of money but I still want help and advice. February 15, 2013
Rated 5 out of 5 by president and owner I do not remember ever requesting customer service, so I can't really judge. I am happy with the SIMPLE plan, and will continue to use it. February 15, 2013
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Although guidance is provided one-on-one, it is educational in nature, is not individualized and is not intended to serve as the primary or sole basis for your investment or tax-planning decisions.
1. While employers cannot make these eligibility requirements more restrictive, they can generally liberalize them to include more employees.
2. For employers who want to establish a SIMPLE IRA plan for the current tax year, you must set up the plan and notify your employees by October 1 of the current tax year. (An exception applies for businesses which are established after October 1. Please refer to the Fidelity SIMPLE IRA plan establishment kit for more information.)
3. Fees are the same regardless of the number of participants in your Fidelity SIMPLE IRA plan.
The initial customer ratings and reviews for this product (those dated before 3/18/2013) were provided to Fidelity through an email solicitation for feedback on the product. All ratings and reviews are provided to Fidelity on a voluntarily basis and are screened in accordance with the guidelines set forth in our Customer Ratings and Reviews Terms of Use. For additional information on which ratings and reviews may be posted, please refer to our Customer Ratings and Review Terms of Use. Featured Reviews have been selected based on subjective criteria and reviewed by Fidelity Investments. The average rating is determined by calculating the mathematical average of all ratings that are approved for posting per the Customer Ratings and Reviews Terms of use and does not include any ratings that did not meet the guidelines and were therefore not posted. Ratings and reviews are added continuously to the website (after a delay for screening against guidelines) and average ratings are updated dynamically as reviews are added or removed.
The ratings and experience of customers may not be representative of the experiences of all customers or investors and is not indicative of future success. The accuracy of information included in the customer ratings and reviews cannot be guaranteed by Fidelity Investments. Customers who post ratings may be responsible for disclosing whether they have a financial interest or conflict in submitting a rating and review.
Please contact a Fidelity representative if you have additional questions or concerns about the ratings and reviews posted here.