what is the difference between a sep ira and a traditional ira 
the most significant difference is the contribution limit in 2024 a traditional ira allows for a 7 000 total annual amount with a 1 000 catch up contribution for those over 50 18 you can contribute up to 69 000 in 2024 to a sep ira the bottom linea sep ira is a retirement plan option for small business owners and qualified employees it has higher contribution and income limits than other retirement plans to set one up small business owners must choose a plan provider and make contributions if they have employees they are required to contribute to their plans equally 