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IRA rules place limits on the contributions you can make in any one year. You are not limited in the number of accounts you can own.

As a practical matter, maintenance fees for small accounts can be burdensome. So many will consolidate their various accounts when practical to minimize fees, get better services from their custodian, and reduce paperwork and recordkeeping.

But there can also be good reasons to keep account separate especially in retirement (different beneficiaries, 72t distributions, etc, etc).

One size does not fit all. Make the choice that fits your circumstances.
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