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Author: LadyfromSing Global Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75383  
Subject: Do I need more than one company's IRA Date: 7/14/2013 9:14 PM
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Hi, We are rolling 401k accounts from previous employers into one IRA. What would happen to our money if the company went under? Is there any real argument for using more than one company for safety? When would you want more than one company? Thanks.
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Author: AngelMay Big funky green star, 20000 posts Top Favorite Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 72614 of 75383
Subject: Re: Do I need more than one company's IRA Date: 7/14/2013 10:30 PM
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Hi, We are rolling 401k accounts from previous employers into one IRA. What would happen to our money if the company went under? Is there any real argument for using more than one company for safety? When would you want more than one company? Thanks.

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Use Vanguard.
It's not going under.

AM

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Author: akck Big red star, 1000 posts Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 72615 of 75383
Subject: Re: Do I need more than one company's IRA Date: 7/15/2013 12:19 PM
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"We" indicates more than one person, so at minimum you'll need at least 2 IRA accounts, which can be at different brokerage companies. For the most part, your account is insured, so if something happens to the brokerage company, you'll eventually get your holdings back. The only time you'd need more than one company is if your account exceeds the insurance amount, which is around $5 million, something higher than what I have, so I could be wrong.

The real question is the type of broker you intend to use. Are you going with a full service broker or do you feel more comfortable investing yourself or do you want to do both. That will determine how many accounts you should have.

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