Individual 401(k) plans generally have higher contribution limits than SEP IRAs.

Name: Individual 401(k) plans generally have higher contribution limits than SEP IRAs.
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Individual 401(k) plans often have contribution limits that are higher than those of SEP IRAs. For 2021, the contribution limit for an individual 401(k) is $58,000 ($64,500 for those aged 50 or older), while the contribution limit for a SEP IRA is $58,000 (or up to 25% of compensation, whichever is less).

Individual 401(k) Plans Generally Have Higher Contribution Limits Than SEP