Multiple Roth IRA accounts?
In Charles B. Carlson’s book “The Little Book of Big Dividends” he states that Essential Utilities (formerly Agua America) has a DRIP IRA option whereby participants can invest directly with Essential Utilities and have those investments go into a traditional or Roth IRA. I am interested in pursuing this option in a Roth IRA, however I already have a Roth IRA with Vanguard. Can I legally own more than one Roth IRA?
I purchased and read your book “The Savage Truth” and think it is the best financial advice book ever written for the average layperson.
Terry Says
Thanks for the compliment. Yes, you can have multiple IRAs (both Roth and traditional), and can contribute to more than one in the same year. But your total contribution cannot exceed the annual limits.
For 2023, the limit is $6,500 if you’re under age 50 — and $7,500 if you’re age 50 or older. And that assumes you have at least that much in earned income.
