A simplified employee pension (SEP) individual retirement account (IRA) is a retirement savings plan established by smaller employers—including self-employed people—for the benefit of their ...

SEP IRAs are employer-funded retirement accounts with contributions based on employee salaries. Business owners and self-employed people who fund a SEP IRA are contributing as the employer ...

If you have a workplace 401(k) and a SEP IRA, you can contribute to both of these accounts. In 2024, you can contribute $23,000 to a 401(k) and up to $69,000 to a SEP-IRA (depending on your earnings).