Can I establish more than one IRA?

By Denise Appleby AAA
A:

There is no limit on the number of IRAs that you can establish. However, regardless of the number of IRAs you maintain, you still cannot contribute more than the annual contribution limits:



$4,000 for 2007
$5,000 for year 2008 and beyond



If you are at least age 50, you are allowed to contribute additional amounts of $1,000 for years 2007 and after.



If you decide to establish multiple IRAs, remember that annual maintenance fees that may apply to each IRA. These fees average from $50 to $100 per year.



To learn more, see the Traditional IRAs tutorial.

This question was answered by Denise Appleby
(Contact Denise)



RELATED FAQS

  1. Are part-time employees eligible for fringe benefits?

    Learn how offering fringe benefits allows employers to entice new talent to join their teams, although part-time workers ...
  2. Who is exempt from paying Social Security taxes?

    Learn about the groups of people who qualify for exemption from Social Security taxes, and explore the process of applying ...
  3. How can I avoid paying taxes on my Social Security income?

    Learn how to calculate the percentage of Social Security income benefits that may be taxable, and discover strategies to ...
  4. What is the difference between a fixed and variable annuity?

    Understand the difference between fixed, variable and indexed annuities, and read a brief summary of their respective risks ...
RELATED TERMS
  1. Senior Move Manager

    Senior move managers (SMMs) help seniors downsize and relocate ...
  2. Elder Care

    Elder care, sometimes called elderly care, refers to services ...
  3. Gold IRA

    Definition of Gold IRA
  4. Eligible Transfer

    An IRS-allowed movement of assets into or out of an individual ...
  5. Death Master File (DMF)

    Also known as Social Security Death Index. A list of people whose ...
  6. Leveraged Benefits

    The use – by a business owner or professional practitioner – ...

You May Also Like

Related Articles
  1. Professionals

    Just Retired? No Better Time for a Second ...

  2. Professionals

    When Your Client's Retirement is Around ...

  3. Professionals

    A New Wake-up Call for Savers

  4. Professionals

    Retirement Bliss? Not So fast: When ...

  5. Professionals

    Multiple Accounts? Here's How to Calculate ...

Trading Center