FeatureSEP IRASolo 401(k)Roth IRARollover IRA
EligibilitySelf-employed, no employees or few employeesSelf-employed, no full-time employees except spouseAnyone with earned income, subject to income limitsIndividuals rolling over funds from previous employer-sponsored retirement plans
Contribution Limit (2024)Lesser of 25% of net earnings or $69,000Employee: up to $23,000 (+$7,500 if age 50+); Employer: up to 25% of compensation; Combined max: $69,000 ($76,500 if age 50+)$7,000 ($8,000 if age 50+)No new contributions except rollover
Tax BenefitsContributions tax-deductible, taxes due at withdrawalContributions tax-deductible, taxes due at withdrawal; Roth option availableContributions after-tax, qualified withdrawals tax-freeDepends on rollover source; typically pre-tax contributions
Withdrawal RulesPenalty-free after age 59½; mandatory at age 73Penalty-free after age 59½; mandatory at age 73 (except Roth)Contributions withdrawn anytime penalty-free; earnings after age 59½ tax-freePenalty-free after age 59½; mandatory at age 73
Administrative ComplexityMinimalModerate; Form 5500 filing if assets exceed $250,000MinimalMinimal
Best ForHigh-earning solopreneurs wanting simplicitySolopreneurs seeking higher contributions and loan optionsThose expecting higher taxes in retirementConsolidating retirement savings from previous jobs