Originally posted April 21, 2023.
Staying on top of your IRA RMD can be a hassle, especially with the IRS changing the start dates. The new one is age 73. As I wrote back on December 19, 2022, when I worked at Fidelity Investments in the mid-90s, I was at FIRSCO. What the heck is FIRSCO? Glad you asked. Because to enter the realm of Fidelity as an employee is to enter a world of acronyms you never knew existed.
FIRSCO stands for Fidelity Investments Retirement Services Company. Imagine Fidelity as the military, and FIRSCO as a branch within it, and you get the idea. I was on a special team within FIRSCO, the Withdrawal Team.
If you’ve ever had a 401(k) statement from Fidelity and worked for a major corporation in the 90s, there’s a chance we spoke. On high-volume call days, my team was called to the phones as Reserves. But it’s more likely we, or someone from the Withdrawal Team, came in contact if you were planning to withdraw money.
If you turned 70.5, for example, we made sure you got your required minimum distribution (now starting at age 72) on time, keeping you on good terms with the IRS.
Action Line: It can be a challenge threading the RMD needle if you’re 72 and have a Rollover IRA or a 401(k). You need to comply and manage your tax bracket to keep more of what’s yours. I have a long history of working in spec. ops when it comes to withdrawing your tax-deferred money. Need help? Let’s talk.
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E.J. Smith - Your Survival Guy
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