You need multiple IRAs
Not everyone wants to be a financial expert, but everyone knows they should save 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, CFP professional, associate financial planner at Intrinsic Wealth Counsel in Tempe, Arizona.