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How Many IRA Accounts Can You Have

Last modified: Jul 24, 2023

It's never too early to start saving for retirement, and many people have more than one way to do so. This article will help you understand how many IRA accounts can you have and what to look for when choosing an account.        

What Is IRA? 

An IRA, or Individual Retirement Account, is a retirement savings account that offers tax benefits. This is a great option if you want to save and invest in the long term. But what’s the importance of saving for retirement, and why do many decide to open different IRA accounts for different purposes? 

There are many reasons why you should start saving for retirement and start researching how many IRAs you can have as early as possible. One of the most important reasons is that your future self will thank you.  

Another reason to start saving for retirement now is that it can be difficult to catch up if you start later. If you start saving $2,000 per year at age 25, you will have saved $48,000 by the time you are 30. However, if you wait until age 35 to start saving, you will only have saved $24,000 by the time you are 40.   

Read more: How Much Should You Have Saved by 30?

How Much Can You Contribute to an IRA?

The contribution limit for an IRA is $6,000 per year. This means you can contribute up to $6,000 to your IRA each year if you are under 50. However, if you are over 50, you need to contribute up to $7,000 annually. 

How Many IRA Accounts Can You Have

There are no limits on how many IRAs you can have, but there are contribution limits that you need to pay to the Internal Revenue Service (IRS), as mentioned above. 

So if you have two IRA accounts, you can contribute up to $12,000, which may sound like a lot at first but think of it as a long-term investment or a chance to invest in yourself.  

Read more: How to Save More Than Half of Your Income?

Benefits of Having Different IRA

There are several benefits of having different IRA accounts. The most significant benefit of having multiple IRA accounts is diversification. You can have a traditional, Roth, Spousal, Savings Incentive Match Plan for Employees, SIMPLE, SEP, and many others. 

You are in command of your financial future as well. If you're a fan of financial planning, having multiple IRAs is the best decision because you have complete control over how much you contribute and where the money goes.

Now that we explained what an IRA is and answered your question: how many retirement accounts should I have and their benefits, it's time to talk about the most popular IRA accounts.

The Spousal IRA

A spousal IRA is an IRA that is in your spouse's name. If the spouse has little or no income, the other partner can make contributions on their behalf, allowing them to own their own IRA account since these IRA accounts are not allowed to be held jointly.   

The benefits of a spousal IRA are that you can contribute to your spouse's retirement even if they are not working. This can help you save more for retirement. To be eligible to contribute to a spousal IRA, you must meet the following criteria: 

  • You must be married and file a joint tax return.
  • You must be eligible to pay the needed contribution limit.
  • Your combined income must be below the taxable compensation reported on your joint tax return. 

Read more: Do I Have to Cover My Spouse on My Health Insurance?


How many Roth IRAS can I have is a common question when looking for a way to invest your money in retirement accounts. As an alternative to Roth IRA, another retirement savings plan is the SEP-IRA (Simplified Employee Pension Plan). A SEP- IRA is a retirement savings plan for self-employed people or small business owners. 

A SEP-IRA allows you to contribute up to 25% of your income, up to a maximum of $56,000. The benefits of a SEP-IRA are that it is easy to set up, and there are no contribution limits if you are self-employed. 

You can also deduct your contributions from your taxes. Many opt to establish a SEP-IRA because they can add more to their retirement than a traditional IRA. 

Here's a little bit more info about SEP-IRA :

  • You must have a business or be self-employed to contribute to a SEP-IRA.
  • The maximum contribution is 25% of your income or $56,000, whichever is less.

The Roth IRA

If you are still wondering, “can you have multiple Roth IRAs or traditional,” the simple answer is yes.

A Roth IRA is a retirement savings account you contribute to after taxes. This means you will not get a tax deduction for your contributions, but your withdrawals are tax-free. 

The benefits of a Roth IRA are that you do not have to pay taxes on your withdrawals, and you can withdraw your contributions at any time without penalty. A Roth IRA is a great way to save for retirement if you think you will be in a higher tax bracket when you retire. 

IRA and 401k

An IRA is an individual retirement account you can contribute with pre-tax or after-tax dollars. On the other hand, a 401k is an employer-sponsored retirement savings plan. These two IRA accounts come with many advantages.

The benefits of an IRA are that you can choose how your money is invested and withdraw your money at any time without penalty. On a side note, 401k benefits are that your employer may match your contributions, and you may get a tax deduction for your contributions. 

Choosing the Right Type of IRA

When choosing an IRA account, you should consider the following:

  •  Contribution limits: How much you can contribute to your IRA each year.
  • TaxHow your contributions will be taxed.
  • FeesThe fees associated with the account.
  • Withdrawal penalties: What penalties you will incur if you withdraw money from your account before retirement. 

Read more: Should I Use Savings to Pay Off Debt?

Bottom Line 

Overall, there are a few key benefits to having multiple IRA accounts. These include being able to have different types of IRAs and contribution limits. Ultimately, this can give you more flexibility when saving for retirement.

Related: Can I retire at 60 with 500k?


Is it good to have two Roth IRAs?

Yes, having two Roth IRAs can be a good way to diversify your retirement portfolio. This is because you can have different types of investments in each account. For example, you could have stocks in one account and bonds in the other. This can help you balance out your risk and potentially earn a higher return on investment. 

How many IRAs can a married couple have?

There is only one IRA retirement plan that a married couple can have, a spousal IRA.

Should I convert my IRA to a Roth?

The answer to this question depends on your financial situation. It makes sense to convert your IRA to a Roth if you think you will be in a higher tax bracket when you retire.

Is it good to have multiple IRA accounts?

If your curiosity about having a retirement account is based on the main question: how many IRA accounts can you have and whether it is a good option, then yes, having multiple IRA accounts can be beneficial for a few reasons.

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