SEP IRA Contribution Limits for 2024

A good option for small business owners, SEP IRAs allow individual annual contributions of as much as $69,000 a year.

A female small business owner at her coffee shop.
(Image credit: Getty Images)

Self-employed workers and small-business owners who want an easy and inexpensive retirement plan should consider a Simplified Employee Pension IRA, or SEP IRA for short. SEP IRA plans are easier to establish than other retirement plans and have lower costs to administer.

What is a SEP IRA?

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Senior Retirement Editor,

Jackie Stewart is the senior retirement editor for and the senior editor for Kiplinger's Retirement Report.