Retired couple on the beach

Michigan Retirement Accounts

Community Choice Credit Union has savings accounts for each stage of your life, including retirement.
An Individual Retirement Account is a retirement savings account in which the interest earned is tax deferred. The maximum deposit each tax year is based on tax laws (which are subject to change on a yearly basis) or 100% of earned income, whichever is the lesser amount. This deposit may be tax deductible.

IRA Certificates

Our IRA Certificates help you maximize your retirement savings without the risk. As an IRA holder you will enjoy many benefits:
  • Multiple choice of terms
  • Insured up to $250,000 independent of other accounts

IRA Daily Share

Any individual who has not reached the age of 70 and 1/2 prior to the end of the taxable year and who has earned income is eligible for an IRA Daily Share, including:
  • Traditional
  • Roth
  • Educational
Start saving for retirement without the restrictions and penalties involved with other IRA products.
  • Multiple choice of terms
  • Minimum investment of $100 for all IRAs
  • Insured up to $250,000 independent of other accounts
  • May be subject to penalties from Community Choice and/or IRS for early withdrawals
Members can make withdrawals and deposits into their IRA Daily Share account at any time, although the deposits that they do make must still be aligned with the contribution guidelines of the current tax year. To make it even more convenient for members, funds can be automatically transferred from any savings or checking account here at Community Choice Credit Union into the IRA Daily Share account!

Funds are able to be withdrawn from an IRA Daily Share at anytime without penalty from the Credit Union, but a tax advisor will need to be contacted to determine government penalties that may apply.

Converting Your IRA 

By converting your traditional IRA to a Roth IRA and paying taxes up front, you can benefit from potential tax-free growth of earnings. Community Choice can assist you in determining if your traditional IRA is eligible to convert, and whether it is financially beneficial.

Any amount of a traditional IRA balance can be converted to a Roth IRA if you adhere to specific conversion rules such as a modified adjusted gross income of $100,000 or less. Generally, married individuals who file separately are not eligible.

The deadline to convert is December 31 of the current tax year, so call your Member Service Representative today to see if you are eligible!

Contact us for more information or open an account.