Skip to main content
Message Font: Serif | Sans-Serif
 
No. of Recommendations: 0
Hello Rodeslyn:
Is there a maximum amount you should have in an IRA?

If you have an IRA with $200,000 or $300,000 in it, should you open a new one or just keep adding more money to the single large account.


No, it shouldn't matter how much one accumulates in an IRA account. Hopefully, you've chosen a custodian for this account that you researched and discovered they had a successful track record and a relatively long history of quality service that will allow them to keep their current customers, as well as attract new ones. Although one can't really be 100 certain, you should be fairly certain after doing your due dilligence. IMHO, your asset allocation (what percentage between different assets you split your money into) should be more important.

Some investors have two or more IRAs because each brokerage house does some things better than others, like options, lower costs for limit orders, some are more condusive to those who trade more frequently, etc.

HTH

Bookm
Print the post  

Announcements

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.
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.