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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. I thought there might be benefits to having multiple accounts to draw on if there is a financial crisis or if the financial institution was to run into trouble. I am not sure if IRAs are covered by any insurance or not.

Any information on this would be helpful. I have looked on the web and have not seen anything on this.

Thanks,

Rodeslyn
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