Can You Have Multiple Roth IRAs?

Throughout your working life, it is important that you make contributions to your retirement fund.

The only way to live comfortably once you retire is to put provisions in place while you are still actively earning.

Otherwise, you might find yourself reaching retirement age without any money to support you. 

Luckily, here in the US, there are quite a few different retirement plans that you can use to prepare yourself for retirement.

One of the most common plans that people choose is a Roth IRA. This government backed retirement plan is a great way to let your money grow tax-free. 

In this guide, we’ll be taking a look at what a Roth IRA is, and whether, or not, you can have multiple Roth IRAs to save for retirement. Keep on reading to find out more. 

What Is A Roth IRA?

First things first, let’s take a look at what a Roth IRA is. Well, as we have said, a Roth IRA is a personal retirement plan which is recognized in US law.

Under US law, Roth IRAs are generally not taxed upon distribution, as long as the guidelines are followed.

Essentially, using a Roth IRA allows you to grow a good amount of money tax-free ready for when you retire in the future. 

The thing that makes this style of retirement account so special is that the money is taxed upon entry to the account.

The money is not taxed once it enters the account, and generally as long as you don’t access it before the age of 59 and a half, you won’t pay any tax on withdrawals from the account. 

You might be wondering “why a Roth IRA?”, and that’s a good question. There are lots of things that make Roth IRAs great.

One of the biggest is the fact that these IRAs are less restrictive: you can hold your Roth IRA indefinitely, and there are no minimum-required distributions.

Now that we have taken a look at what a Roth IRA is, let’s take a look at whether, or not, you can have multiple accounts.

Can You Have Multiple Roth IRAs?

As you can see, there are lots of reasons why Roth IRAs are great.

Once you know all the good things about Roth IRAs, it can be very tempting to take out multiple accounts. But is this possible? Let’s find out. 

Yes, you can have multiple Roth IRA accounts at one time. You can even have multiple open Roth IRA accounts at one time.

This is because there is no limit to the amount of Roth IRA accounts you can have.

A lot of people choose to open multiple Roth IRA accounts at once, simply because these accounts make excellent savings accounts for retirement.

A Roth IRA is a great way to put money aside for the future, in an account that you won’t access early (because you will lose your tax-free benefits if you do).

If you are new to Roth IRAs, you might be wondering why so many people choose to open multiple accounts.

Sure, Roth IRA accounts are great, but what makes them so special that people choose to open multiple at one time? Let’s take a look. 

Why Might You Want Multiple Roth IRAs?

Why Might You Want Multiple Roth IRAs

The main thing that attracts people to Roth IRA accounts is the fact that they are flexible and nonrestrictive in comparison to other retirement plans.

However, this isn’t the only reason why people choose to open Roth IRA accounts.

So, let’s take a look at some of the other reasons why you might open a Roth IRA. 

One of the biggest reasons why people open multiple Roth IRAs is so that they can save for multiple things at once.

You could use one Roth IRA to save for one thing, and another Roth IRA to save for something completely different.

Most people will use a Roth IRA for retirement purposes, but other people will open an additional Roth IRA for an emergency sinking fund, or for a house fund. 

Some people also open multiple Roth IRA accounts to diversify their portfolio.

Roth IRAs are designed for retirement savings, but they can be used as regular savings accounts, and you can use them for investing.

If you want to take some risks with your investments, but don’t want to put all of your money on the line.

Then opening multiple Roth IRAs can be a great way to keep them separate. 

Finally, you might want to open multiple accounts to simplify inheritance when you pass on.

If your money is split across multiple accounts, then it will make dividing your assets upon death a lot easier. 

The Catch

After reading this, you might be wondering why you haven’t opened multiple Roth IRA accounts already.

Surely, there is no downfall from this, right? Wrong! Unfortunately, while you can open multiple Roth IRA accounts, there is a catch. 

As we mentioned earlier, Roth IRAs are government legislated savings accounts.

This means that there are rules set by the government in order for you to qualify for the tax breaks that the government offers.

While you can open multiple Roth IRAs, the same limits apply to these accounts, so you will only be able to contribute the government limits across all your accounts.

This means that you will be unable to max out a single Roth IRA if you are contributing to more than one account. 

So, there are lots of great reasons to contribute to more than one Roth IRA at the same time.

But if you do this, be mindful of the fact that you can only contribute the government limit across all the accounts.


In short, yes, you can have multiple Roth IRA accounts. This is something that lots of people choose to do simply because of how nonrestrictive Roth IRAs are.

However, if you do open multiple accounts, you will still only be able to contribute within the government limits. 

Thank you for reading!

Luke Baldwin

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