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Many people have an IRA or individual retirement account so that they can save money for their retirement. Most people only have one IRA, but it is permissible to have more than one. In fact, you can have as many Roth individual retirement accounts as you want from many different financial institutions.
For example, you can invest your IRA retirement money in certificates of deposit at a bank. In addition to this, you can also invest in stocks with an IRA at a discount brokerage. It is certainly possible to have multiple IRA accounts. Nevertheless, even if you have several IRA accounts, the Internal Revenue Service still restricts the total amount of your IRA contributions. Each year the IRS determines the limit amount and in 2010 it is five thousand dollars in total.
