Investor is wrong.
There's no limit to the number of IRAs you can own, but there are strict limits on how much you can contribute to these accounts during any given tax year.
No matter how many IRAs you have or what type—traditional, Roth, or SEP (an easy-to-administer plan for the self-employed or owners of small businesses)—you may contribute no more than $5,500 for tax year 2015 ($6,500 if you're age 50 or over). These limits apply to all your IRA contributions—both pretax and after-tax—but exclude employer contributions to a SEP. (Education Savings Accounts, formerly known as Education IRAs, are separate savings vehicles with their own rules.)
You should consider the cost of maintaining multiple IRAs. In general, many people find it advantageous to consolidate their IRA assets into a few accounts—depending on whether they have traditional and Roth IRAs. This allows them to eliminate unnecessary costs, such as account service fees on each IRA account. It also simplifies recordkeeping
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TSP is not an IRA.
On Wednesday, August 19, 2015, gerald.piatnochka@yahoo.com [TSP_Strategy] <TSP_Strategy@yahoogroups.com> wrote:I was talking to an investor the other day and he stated that I can only have one traditional IRA and one ROTH IRA. I was wondering if this is true, and if so; if I have a traditional TSP, does that equate to a traditional IRA?
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-- Cindy King
Posted by: Cindy King <cindy.kingde@gmail.com>
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