Yes! It’s quite common for individuals to have more than one IRA. The good news is that you can maintain multiple IRA accounts simultaneously.
For instance, let’s take the example of Korri. She’s making the most of her retirement savings by maximizing her annual contributions to her Icon Personal Retirement Plan offered through her employer. Additionally, she also holds another IRA account that contains rollovers from a previous job. In this scenario, Korri has the freedom to maintain her old IRA while continuing to maximize her contributions to her Icon plan.
Remember, the annual contribution limit for IRAs is $7,000, or $8,000 if you’re aged 50 or above. Having multiple IRAs allows you to diversify your retirement investments and cater to different financial goals.