Retirement isn’t a number. It’s a plan.
LMCU IRAs come with no account opening or maintenance fees and a team that knows the way.
Saving for retirement isn’t complicated. But starting can feel like it.
You don’t need to know everything about IRAs to open one. You just need someone who does. That’s us.
Traditional or Roth?
Tax break today or tax-free tomorrow? We’ll help you figure out which is best for your needs.
CD or Money Market?
Lock in a rate with a CD, or keep things flexible with a Money Market. Your IRA, your call.
No fees to start
No account opening or maintenance fees. Your money goes toward retirement. Not toward us.
The earlier you start, the better your story gets.
The details matter — which IRA type, how it’s structured, when you start. But the most important detail is simply deciding you’re ready. We’ll help with the rest.
Build for the long game.
Think of an IRA like a savings account with a velvet rope. Money goes in, earns interest, and enjoys real tax privileges. But it’s designed to stay put until retirement. Choose Traditional or Roth based on timing. LMCU handles the rest with no account opening or maintenance fees and 90+ years of knowing how to help.
With a Traditional IRA, contributions2 follow set limits and are typically tax-deductible in the year you make them. Meaning, less taxes now. When you withdraw in retirement, you’ll pay ordinary income taxes, usually at a lower rate. It’s like buying at today’s price for something you’ll use later. LMCU doesn’t give tax or legal advice.
A Roth IRA flips the script. Contributions go in after taxes (no deduction now), but qualified withdrawals in retirement are typically tax-free3. If you expect a higher tax rate later, paying taxes now is the smarter play. Think of it as taking the hill before the crowd arrives. LMCU doesn’t give tax or legal advice.
Traditional or Roth comes down to one question: would you rather pay taxes now, or later? Once you’ve decided, your LMCU IRA can be established under an Insured Money Market Account. Already have a retirement account somewhere else? Rolling it over into an LMCU IRA is often simpler than you’d expect. Either way, we’re here to help.
Roth vs Traditional IRA Calculator
Numbers don’t lie. Plug in your situation and see which IRA puts more money where it matters.
See what your IRA can earn right now.
Current rates for IRA Money Market Savings, Roth IRA Shares, SEP IRA, and IRA/HSA CD options are listed below.
| Description | Dividend Rate (Interest) | APY | VIP Bonus Rate | VIP Bonus APY |
|---|---|---|---|---|
| 3 Month IRA/HSA CD | 3.25% | 3.30% | 3.49% | 3.55% |
| 5 Month IRA/HSA CD | 3.25% | 3.30% | 3.49% | 3.55% |
| 6 Month IRA/HSA CD | 3.25% | 3.30% | 3.49% | 3.55% |
| 7 Month IRA/HSA CD | 3.25% | 3.30% | 3.49% | 3.55% |
| 8 Month IRA/HSA CD | 3.25% | 3.30% | 3.49% | 3.55% |
| 9 Month IRA/HSA CD | 3.74% | 3.80% | 3.98% | 4.05% |
| 10 Month IRA/HSA CD | 3.25% | 3.30% | 3.49% | 3.55% |
| 11 Month IRA/HSA CD | 3.25% | 3.30% | 3.49% | 3.55% |
| 12 Month IRA/HSA CD | 3.30% | 3.35% | 3.54% | 3.60% |
| 13 Month IRA/HSA CD | 3.30% | 3.35% | 3.54% | 3.60% |
| 14 Month IRA/HSA CD | 3.30% | 3.35% | 3.54% | 3.60% |
| 15 Month IRA/HSA CD | 3.30% | 3.35% | 3.54% | 3.60% |
| 17 Month IRA/HSA CD | 3.30% | 3.35% | 3.54% | 3.60% |
| 18 Month IRA/HSA CD | 3.35% | 3.40% | 3.59% | 3.65% |
| 24 Month IRA/HSA CD | 3.35% | 3.40% | 3.59% | 3.65% |
| 25 Month IRA/HSA CD | 3.35% | 3.40% | 3.59% | 3.65% |
| 30 Month IRA/HSA CD | 3.40% | 3.45% | 3.64% | 3.70% |
| 36 Month IRA/HSA CD | 3.45% | 3.50% | 3.69% | 3.75% |
| 48 Month IRA/HSA CD | 3.59% | 3.65% | 3.83% | 3.90% |
| 60 Month IRA/HSA CD | 3.83% | 3.90% | 4.07% | 4.15% |
Is an IRA right for you?
Good question. Let’s find out. IRAs have a few guidelines on who can contribute, how much, and when funds can be accessed. The good news: the rules are pretty clear, and our team knows them well. Not sure if you qualify? Schedule an appointment and we’ll figure out the right fit together.
FAQs
An individual retirement account is essentially a savings account that the government decided to give a tax break — because the more people save for retirement on their own, the better. You contribute money each year, it grows through interest or investments, and depending on whether you choose a Traditional or Roth IRA, the tax benefit shows up either when you put money in or when you take it out. LMCU offers both, with no account opening or maintenance fees. (Note: LMCU does not provide tax or legal advice. Please consult a tax professional for guidance specific to your situation.)
Timing. That’s really the whole thing. With a Traditional IRA, contributions are typically tax-deductible today, and you’ll pay taxes on withdrawals later — when most people are in a lower bracket. With a Roth IRA, you contribute after-tax dollars and qualified withdrawals in retirement are typically tax-free. Which is better? That depends on your income today vs. what you expect in retirement. Not sure? That’s exactly the kind of thing our team is here to talk through. (LMCU doesn’t provide tax or legal advice.)
For most members, current IRA contribution limits are $7,500 per year for those age 49 and under and $8,600 for those age 50 and older — the extra $1,100 is called a catch-up contribution, which is a great name for what it is. Eligibility to contribute to a Roth IRA may also depend on your income level. Limits can change year to year, so it’s worth confirming current IRS guidelines or talking with a financial professional before you contribute.
In most cases, you can withdraw penalty-free starting at age 59½. Pull funds before that and you’re typically looking at taxes plus a 10% early withdrawal penalty, though exceptions exist for things like a first-time home purchase, certain education expenses, and some medical costs. Roth IRAs also let you withdraw your contributions (not earnings) at any time without penalty — helpful if life throws you a curveball. The specifics vary, so it’s worth a conversation with a tax professional before making any early withdrawal.
Yes — and you won’t be the first person to ask. A credit union IRA can work alongside your employer’s retirement plan, giving you more investment options, additional tax advantages, and savings that belong entirely to you no matter where you work. It’s also a smart landing spot for old retirement accounts from previous jobs through an IRA rollover. Think of your 401(k) as one engine. An IRA is the second one. More lift. Better odds of getting where you’re going.
Your IRA has to be first established under an Insured Money Market Account. Then you can add an IRA CD, which locks in a fixed rate for a set term — predictable, guaranteed growth. An IRA Money Market keeps things more accessible for when you’d rather stay flexible. Your LMCU team can help you get set up with the accounts that make sense for where you are right now.
Yes, and it’s one of the more common things we help members do. An IRA rollover lets you move funds from an old employer’s 401(k) or another IRA into your LMCU IRA — without triggering taxes or penalties, as long as it’s done correctly. It’s a smart way to consolidate old retirement accounts in one place so nothing gets lost in the shuffle. Schedule an appointment and we’ll walk you through the process step by step.
LMCU has branches across Michigan — from Grand Rapids to Frankfort to Manistee — and offers Traditional and Roth IRA plans with no account opening or maintenance fees. Stop into any branch or schedule an appointment to get started.
Sometimes our members say it best.
See what people are saying about Lake Michigan Credit Union.
“We've been with Lake Michigan Credit Union for over 10 years.”4
The Garcia Family, LMCU Members
One of America's Best Regional Banks & Credit Unions for 2026.
Newsweek, January 2026
One membership. Loads of money-smart possibility.
Disclosures
LMCU does not provide tax or legal advice. Please consult your tax advisor or attorney before making any decisions or taking any action based on this information.
Rates effective as of 9/10/2026 and subject to change without notice. Fees may reduce earnings. Minimum balance requirements may apply. Early withdrawal penalties may apply to certificates. See rate schedule for complete details.
Contribution limits are established by the IRS and may change. Verify current limits with the IRS or a tax professional.
IRS rules governing IRA withdrawals and exceptions are subject to change. Consult a qualified tax professional before taking distributions.
All featured LMCU members were compensated for their time.
