2006-07-31 02:57:39 · 3 answers · asked by Felino B 1 in Business & Finance ➔ Investing
Yeah man, but you have yearly contribution limits.
http://beginnersinvest.about.com/cs/iras/a/iracontribution.htm
2006-07-31 03:00:43 · answer #1 · answered by 006 6 · 0⤊ 1⤋
To build on the other answer...
Yes, you can, but there are annual limits (which are higher if you are closer to retirement age).
Rather than opening multiple IRA accounts (which can be a pain in the butt to administer), your best bet is to get an IRA from a single provider, but who offer a variety of investment options.
For example, I could get an IRA through Company X, that offers a global fund, an emerging technology fund, a bond fund and a stock fund. Each of these funds has a different investment strategy, with some offering a higher reward (and of course, higher risk!).
You can move money within these funds very easily, usually online. So if you have money in a fund that you think is underperforming, you simply move that money to a fund you think is going to perform better. You don't need to close your IRA account to do it.
As with anything, read the paperwork. Especially, look for LOAD, SERVICE CHARGE, ADMINISTRATION FEES, etc. as this money is what you are paying the fund, and it cuts into your earnings.
Good Luck!
2006-07-31 10:06:29 · answer #2 · answered by Jon T. 4 · 1⤊ 0⤋
Yes - 3,000.00 limit per year for you and a another 3k for a spouse.
2006-07-31 10:06:17 · answer #3 · answered by jjttkbford 4 · 0⤊ 0⤋