retirement

9 common misconceptions about IRAs

You need multiple IRAs
You need multiple IRAs © Florence McGinn/Shutterstock.com

Financial accounts can be complicated and confusing. Not everyone wants to be a financial expert, but everyone knows they should save money every year for retirement. One misunderstanding that some people have is that every annual contribution requires opening a new account.

"You don't have to open up a new IRA for every year you make contributions -- you can add money to an existing IRA. In fact, people should have as few IRAs as possible in order to facilitate keeping track and managing their investments," says Brian Frederick, Certified Financial Planner, principal at Stillwater Financial Partners in Scottsdale, Ariz.

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