IRAs

Build retirement savings with tax-advantaged options designed for the years ahead.

Roth and Traditional IRAs

Tax-advantaged saving

Flexible savings choices

Traditional IRA

Traditional IRAs may be a good fit if you are looking for: Potential tax benefits today while saving for retirement.

A Traditional IRA can provide tax-deferred growth, and eligible contributions may be tax deductible depending on your income, filing status, and participation in an employer retirement plan.

Withdrawals of deductible contributions and earnings are generally taxable, and additional taxes may apply to certain early distributions.

Roth IRA

Roth IRAs may be a good fit if you are looking for: Potential tax-free qualified withdrawals in retirement.

Roth IRA contributions are made with after-tax dollars. Qualified distributions can generally be withdrawn tax free, subject to applicable IRS requirements.

Eligibility to contribute directly to a Roth IRA is subject to income limits.

How much can you contribute?

IRA contribution limits are established by the IRS and may change annually. The same combined annual contribution limit generally applies across your Traditional and Roth IRAs.

Your contribution eligibility and potential tax deductions may depend on your income and individual circumstances.

Traditional or Roth IRA?

The right choice can depend on your income, current tax situation, retirement timeline, and expectations for the future.

A qualified tax or financial professional can help you determine which IRA structure may be appropriate for your circumstances.

Michigan First Credit Union offers peace of mind with $500,000 coverage!

At Michigan First, we go the extra mile for our members by making sure your money is protected. Deposits at Michigan First Credit Union are federally insured up to $250,000 by the National Credit Union Administration (NCUA). To further protect your deposits, Michigan First provides additional coverage through Excess Share Insurance (ESI), creating a combination of federal and private share deposit insurance that protects your deposits for a total of $500,000 - including savings accounts, checking accounts, money market accounts, and certificate accounts.

This combination of NCUA and ESI coverage ensures that:

All individual savings, checking and certificate accounts held by the same member are added together and insured up to $250,000 by the NCUA and an additional $250,000 by ESI.
All joint accounts held by the same member are added together and insured up to $250,000 by the NCUA and an additional $250,000 by ESI.
All IRA accounts held by the same person are added together and insured up to $250,000 by the NCUA and an additional $250,000 by ESI.

Frequently asked questions

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How much are deposits at Michigan First Credit Union insured for?

Michigan First deposits are federally insured by the National Credit Union Administration (NCUA) for up to $250,000 and privately insured by Excess Share Insurance for up to an additional $250,000. Together, this provides up to $500,000 in coverage for qualifying deposits based on account ownership category. Coverage applies to eligible checking, savings, money market, and certificate accounts.