Part 5/7:
A common question arises regarding the ability to have both a Roth IRA and a Traditional IRA simultaneously. The answer is affirmative—you certainly can own both accounts. However, there is a cap on the total contributions you can make across all IRAs. As of 2016, for individuals under the age of 50, the contribution limit stands at $5,500. For those aged 50 and above, there is a catch-up contribution option, bringing the total limit to $6,500.