The IRS does not have a special rule for age of SEP owner for making up contributions to a SEP. Here is what the IRS states:
The contributions you make to each employee’s SEP-IRA each year cannot exceed the lesser of:
- 25% of compensation, or
- $56,000 for 2019 ($55,000 for 2018 and subject to annual cost-of-living adjustments for later years).
These limits apply to contributions you make for your employees to all defined contribution plans, which includes SEPs. Compensation up to $280,000 in 2019 ($275,000 in 2018 and subject to cost-of-living adjustments for later years) of an employee’s compensation may be considered. If you're self-employed, use a special calculation to determine contributions for yourself.
How much can I contribute if I’m self-employed?The same limits on contributions made to employees’ SEP-IRAs also apply to contributions if you are self-employed. However, special rules apply when figuring the maximum deductible contribution. See Publication 560 for details on determining the contribution amount.
Tis IRS publication might help you (Pub 560):
https://www.irs.gov/publications/p560
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