Switching Brokerage

[Guest dodos]

If I already have a Roth IRA account with a company, can I open a second account with another company? or do I have to close my first account and transfer all my assets from the first company over to the second company?

Thanks.

[Appleby]

You may maintain as many Roth IRAs as you want, but it may not be practical when you take into consideration the fees that may apply to all the accounts, including commissions on trades that you may split between the accounts.

Regardless of the number of IRAs that you maintain, you are still limited to an aggregate contribution of $3,000 for 2004, plus $500 catch-up contribution if you are at least age 50 by year-end.