It is always a good idea to plan and save for your retirement. Once you retire, you will have a limited income, so being prepared will help to ensure that you keep on living well without needing to make too many sacrifices in your lifestyle. One of the ways to do this is by opening up IRAs. A Roth IRA is an account that lets you contribute money to your retirement tax-free.
In this video, you will learn if you can open more than one IRA account and important information you’ll need to know about doing so.
As the video explains, yes, you can open more than one Roth IRA account. In fact, there is nothing stopping you from opening as many as you want. However, regardless of how many you have, the maximum contribution you are allowed to make crosses over all of them. That means, if your cap is $5,500 per year, then the total amount of money you can contribute into these multiple accounts cannot exceed $5,500. In other words, even though you have more than one account, your contribution limit will not increase per account.