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Ask Dave

More than one?

Brian asks Dave if it's possible to open more than one Roth IRA account. Dave explains that it is, and he gives Brian a little more information about the Roth IRA.

QUESTION: Brian asks Dave if it’s possible for a person who is eligible to invest in a Roth IRA to open multiple accounts. Dave explains that you can, and he gives Brian a little more information about the Roth IRA.

ANSWER: Certainly, you can. You can have as many accounts as you want.

You can put $5,500 into a Roth IRA each year, unless you’re over 50 years old. At that point, you can put in $6,500 a year. Hypothetically, you could open 5,500 Roth IRA accounts with $1 in each one. I don’t know who would do something like that, but legally you could do it.

Keep in mind, though, that you cannot combine old IRAs and new IRAs.

 

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