Sep Ira Contribution Limit 2024. The maximum compensation that can be considered for contributions in 2024 is. For the year 2024, the contribution limit for a simple ira is $16,000 for individuals under age 50 and $19,500 for those 50 and older, while for sep ira is the lesser of 25% of.

A limit applies to the amount of annual compensation you can take into account for determining retirement plan contributions. The maximum sep ira contribution for 2024 is $69,000, representing a significantly higher limit than for traditional and roth iras.