retirement

9 common misconceptions about IRAs

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You need multiple IRAs
You need multiple IRAs | Monkey Business Images/Shutterstock.com

You need multiple IRAs

You don't have to be a financial expert to know that you should be saving money every year for retirement. Some people erroneously believe 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, associate financial planner at Intrinsic Wealth Counsel in Tempe, Arizona.

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9 myths about IRAs
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