By examining the achievable rates of a multistage decoding system on stationary ergodic channels, we derive lower bounds on the mutual information rate corresponding to independent and uniformly distributed (i.u.d.) inputs, also referred to as the i.u.d. information rate. For binary intersymbol interference (ISI) channels, we show that these bounds become tight as the number of decoding stages increases. Our analysis, which focuses on the marginal conditional output densities at each stage of decoding, provides an information rate corresponding to each stage. These rates underlie the design of multilevel coding schemes, based upon low-density parity-check (LDPC) codes and message passing, that in combination with multistage decoding approach the i.u.d. information rate for binary ISI channels. We give example constructions for channel models that have been commonly used in magnetic recording. These examples demonstrate that the technique is very effective even for a small number of decoding stages