No. of Recommendations: 2
However, I will be changing jobs and want to do something with my 403b, which will most likely be a Rollever IRA. I just need to know if I can have multiple accounts at the same time.

Yes, you can have multiple accounts at the same time. However, the important thing to remember is that the contribution limit applies to all IRA accounts, not each account individually.

By that I mean the following, assume you were to open a Roth IRA and a Traditional IRA. You can only contribute a maximum of $3000 ($3500 age permitting) but it can spread between the two accounts in any fashion you like. You could do $1500 to each account, $2000 to the Roth and $1000 to the Traditional. Does that make sense?

Keep in mind, the rollover amount does not count as a contribution. Therefore, you could roll your 403b into an IRA and still make a full $3000 contribution to a Roth/Traditional.

Hope that helps.

dt
Print the post  

Announcements

The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement