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Hi, upapaepops.

Are there compelling reasons to avoid having two IRAs?

It creates some more overhead, but not a lot. If you're paying annual fees, usually $10 or so, you pay twice. You have more to keep track of. Not compelling reasons, I don't think.

What happens at retirement time?

You get to (and have to) make withdrawals from each account, as if the other didn't exist. But the sum of the withdrawals will follow the same rules as if you had your funds consolidated in a single account. Disclaimer: I don't have direct experience with this part yet, not being retired.

Is it necessary to notify either broker of the other IRA?


Be aware that the rules on contributions apply to the sum of your accounts, not to each separately. $2K max, total. And you can leave the accounts separate for a while, then combine them later. Just roll one into the other.

Hope this helps.


P.S. You're into birding, right? (I recall asking about your username earlier.) My wife subscribes to a birding list server. Last month there was a report of a Painted Bunting just five miles from where we live, outside Minneapolis. This is pretty unusual, as they don't normally get north of the Ozarks. We got directions, drove up, and saw it. Amazing sight--brilliant red, blue, green, and orange, all on one bird. If it had happened to be a female, though, no one would have id'ed it.
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