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Investing/Strategies / Retirement Investing
|Subject: Re: how many IRAs||Date: 6/8/2007 9:02 AM|
|Author: aj485||Number: 57818 of 78034|
How many IRAs can 1 person hold?
Each person can hold as many IRAs as they have the minimum deposits for and wish to pay any fees for - you could have 10 IRAs each holding $5,000 or 1 IRA that holds $50,000, for instance.
My wife and I each have one in addition to 401k's, etc. Can we open a joint IRA account in addition?
No - the 'I' in IRA stands for 'Individual' - there is no such thing as a 'joint' IRA.
Or could we each open 2 or 3 additional IRAs - assuming we would be able to contribute the max to them on an annual basis?
As stated above, you can each open as many IRAs as you want. However, the total that can be contributed for 2007 to all of your individual IRAs is $4,000 each ($5,000 if 50 or older by the end of 2007). So if you each open 2 more IRAs, you will each have to spread your $4,000 or $5,000 contribution across 3 accounts. Opening an additional IRA does not give you the ability to contribute more than the maximum amount allowed.
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