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Your Survival Guy at Fidelity and Your RMD Compliance

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By Vitalii Vodolazskyi @ Shutterstock.com

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.

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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

E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH. His first drum set was a 5-piece Slingerland with Zildjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West (RIP JB) and Paris. Please get in touch with E.J. at ejsmith@yoursurvivalguy.com To sign up for my free monthly Survive & Thrive letter, click here.

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