How Many IRAs Can You Have?

Shawn Plummer

CEO, The Annuity Expert

The Number of IRAs Allowed

You can have multiple IRAs. There is no legal limit to the number of IRAs you can own. However, the total contribution across all your IRAs must not exceed the annual IRA contribution limits set by the IRS.

Can You Have More Than One Ira

Types of IRAs

  1. Traditional IRA: Contributions may be tax-deductible, with taxes deferred until withdrawal.
  2. Roth IRA: Contributions are made with after-tax dollars, with tax-free growth and withdrawals.
  3. SEP IRA: Designed for self-employed individuals and small business owners.
  4. SIMPLE IRA: Similar to SEP IRAs but with different contribution limits and rules.

Contribution Limits for 2024

  • Under age 50: $7,000 total across all IRAs.
  • Age 50 or older: $8,000 total across all IRAs (includes a $1,000 catch-up contribution).

Benefits of Multiple IRAs

  • Diversification: Different IRAs can invest in various assets for a diversified portfolio.
  • Tax Planning: Balancing between Traditional and Roth IRAs for tax efficiency.
  • Different Investment Options: Different providers offer varied investment choices.


  • Managing Multiple Accounts: More IRAs mean more accounts to manage.
  • Aggregation Rules: For certain purposes, like calculating required minimum distributions (RMDs), traditional IRAs may be treated as one account.

IRA Contribution Limits (2023)

Under 50$7,000$7,000Varies$16,000
50 or Older$8,000$8,000Varies$19,500
Can You Have Multiple Iras


You can have multiple IRAs, but the total contribution should not exceed the annual limits. Having different types of IRAs can be beneficial for diversification and tax planning, but it also requires careful management. Contact us today for a free quote.

Request A Quote

Get help or a quote from a licensed financial professional. This service is free of charge.

Contact Us

Frequently Asked Questions

What does it mean to have multiple IRAs?

Having multiple IRAs means owning more than one Individual Retirement Account.

Is it okay to have multiple IRAs?

Yes, having multiple Individual Retirement Accounts (IRAs) is permissible. Individuals can contribute to and maintain multiple IRAs, subject to certain contribution limits and eligibility criteria.

Is it better to have multiple IRA accounts or one?

The decision between having multiple IRA accounts or a single one depends on individual circumstances and financial goals. Multiple accounts may offer more diversification options, while a single account can simplify management.

What are the risks of having multiple IRAs?

Multiple IRAs can increase the risk of losing track of investments, incurring higher fees, and potential tax implications. It may also complicate retirement planning and asset allocation.

Does it make sense to have multiple IRAs?

Multiple IRAs can make sense for individuals seeking diversification, flexibility, and enhanced retirement savings. However, it’s essential to consider factors like fees, administration, and coordination with overall financial goals.

Shawn Plummer

CEO, The Annuity Expert

Shawn Plummer is a licensed financial professional, insurance agent, and annuity broker with over 14 years of first-hand experience with annuities and insurance. Since beginning his journey in 2009, he has been pivotal in selling and educating about annuities and insurance products. Still, he has also played an instrumental role in training financial advisors for a prestigious Fortune Global 500 insurance company, Allianz. His insights and expertise have made him a sought-after voice in the industry, leading to features in renowned publications such as Time Magazine, Bloomberg, Entrepreneur, Yahoo! Finance, MSN, SmartAsset, The Simple Dollar, U.S. News and World Report, Women’s Health Magazine, and many more. Shawn’s driving ambition? To simplify retirement planning, he ensures his clients understand their choices and secure the best insurance coverage at unbeatable rates.

The Annuity Expert is an independent online insurance agency servicing consumers across the United States. The goal is to help you take the guesswork out of retirement planning and find the best insurance coverage at the cheapest rates

Scroll to Top