How Many Roth IRAs Can I Have?- Briefly Explained 

You can have as many Roth IRAs as you want. However, your contributions to the Roth IRAs can not exceed $6000 annually.  

Roth Individual Retirement Arrangements are a great way to save for retirement. However, IRAs can be pretty complicated. That’s why there is so much confusion regarding them. One such confusion is how many Roth IRAs can I have.

Well, on the surface you can have as many as you want. But it’s not as easy as that. 

That’s why in this post I am going to briefly explain how many Roth and traditional IRAs can you have. Moreover, I will also answer whether it’s wise to invest in multiple Roth IRAs and many other related questions. So, stick here till the end. 

Let’s start by understanding what Roth IRAs are. 

What Is A Roth IRA?

The Roth IRAs are a type of Individual Retirement Arrangement where you contribute your after-tax dollars. 

Roth IRAs were introduced back in 1997. These special types of IRAs give you the chance to contribute after-tax dollars. As a result, when you withdraw you don’t have to pay any tax. Moreover, you can withdraw lump sums without paying any penalties or taxes. 

However, to withdraw money your Roth IRA account must be 5+ years old and you will face penalties if you try to withdraw before you are 59 and a half years old. 

Now that we understand, Roth IRA. So, it’s time to find out how many Roth IRAs you can have. 

How Many Roth IRAs Can I Have?

There is no limit on how many Roth Individual Retirement Arrangements you can have. However, there is a yearly contribution limit by the government.   

The upside of Roth IRAs is that you can have multiple of them for different reasons. And it’s a common practice to have multiple. But the contribution you can make each year is capped by law depending on your age. 

For now, you can make a $6000 contribution each year if you are below 50 years old and $6500 each year if you are above 50 years. However, from 2023, an individual aged below 50 can contribute $7000 and above 50 can contribute $7500. 

These contributions can be either monthly or yearly. But the contributions can not exceed the $6000 threshold.  

So, if you want to have multiple IRAs then you have to distribute the $6000 to your multiple Roth IRAs. But can a married couple have two Roth IRAs? 

How Many IRAs Can A Married Couple Have?

A married couple can have as many IRAs as they want. However, IRAs can not be joint accounts. So, you and your spouse need to open separate IRA accounts. 

Though there is no limit on how many IRAs a couple can have. But IRAs can not be held jointly as a couple. Because every IRA will only be entitled to one individual. However, a person can make his or her spouse a beneficiary of his/her IRA. 

Moreover, there are spousal IRAs. A partner can contribute to the IRA of his/her non-working spouse. But both of them have to file taxes seperately. 

How Many Traditional IRAs Can I Have?

There is no limit to having multiple traditional IRAs. As long as your total yearly IRA contribution is less than or equal to $6000, there won’t be any issues. 

There is no law that limits the number of Individual Retirement Arrangements you can have. But no matter how many IRAs you have, your yearly contribution limit is fixed.  

As a result, you have to distribute the limited amount into multiple IRA accounts. The threshold might increase over the course of years. However, it won’t increase much over the years.

Can I Have A Roth IRA And A Traditional IRA?

Yes, you can have a Roth IRA and a Traditional IRA at the same time without any issues. 

No law prohibits you from Having a Roth IRA and a traditional IRA at the same time. Moreover, it’s a good practice to have them both. As with a traditional IRA, your monthly withdrawals will be considered to be your monthly income. So, you need to pay taxes for them. However, in Roth IRA you don’t need to pay taxes.

As a result, if you have both of them then you can use the traditional one for monthly withdrawals and the Roth for short time needs or emergency purposes. However, having both of them does not increase your yearly contribution limit of $6000.  

Can I Have Multiple IRA Accounts at Different Institutions?

Yes, you can have multiple IRA accounts at different institutions without any limits.  

Currently, there is no law that prohibits a person to have multiple IRAs at different institutions. Moreover,  it’s suggested to have multiple IRA accounts at different institutions. Because it provides the opportunity of diversifying your investment. 

Diversification should be a key consideration when planning for retirement investment. Because if you suffer a loss on an IRA the other one might cover your losses or at least you will have something. 

Now let’s find out whether it is smart to have multiple Roth IRAs. 

Is It Smart To Have Multiple Roth IRAs?

Yes, it is smart to have multiple IRAs at the same time. Because it helps you to diversify and use separate IRAs for separate purposes. However, maintaining multiple Roth IRAs can be pretty tough. 

Whether you should have multiple IRAs or not depends on your retirement needs. As a result, I am providing the perks and drawbacks of having multiple Roth IRAs so that you can decide for yourself. 


  • Multiple Roth IRAs help you to diversify your retirement investment. 
  • Multiple Roth IRAs also ensure that your retirement investment is more insurance protected. Because each account will have a $250000 FDIC insurance protection. 
  • It helps you to save and invest for different purposes in different accounts. 
  • You will be able to enjoy no required minimum distributions on multiple accounts. 
  • With multiple Roth IRAs, if you rent in retirement then you can exhibit more assets to your homeowner. As a result, renting might become easy.
  • Lastly, it can help you plan inheritance pretty easily. 


  • Maintaining multiple Roth IRAs can be pretty tough. Because each year you have to deal with multiple tax declarations. 
  • It will be hard to focus on your investments and monitor them closely.
  • Multiple IRAs also bring more maintenance fees.  

Now that you have found out the pros and cons of it, so you can decide whether it suits your preferences or not. 

In Summary

Roth IRAs are great retirement investments and having multiple of them can make your retirement safer. However, without proper knowledge, planning, and discipline multiple Roth IRAs can also bring harm. 

So, it’s better to talk to a financial advisor before deciding on multiple Roth IRAs.

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