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Your Survival Guy’s Take on IRS Potentially Changing RMD Rules

December 22, 2022 By E.J. Smith - Your Survival Guy

By SkazovD @ Shutterstock.com

As you may know, Your Survival Guy has a history of spec ops and RMDs at Fidelity Investments. And this time of year was always a scramble to meet the end-of-year deadline for distributions. Falling on the wrong side of December 31 meant getting to know the IRS through letters. Not much fun.

You may also have read that your government is working overtime to change the distribution age next year from 72 to 73 (and down the road a bit to 75). Don’t stress. This is about moving the deck chairs on the Titanic. The IRS will use the life expectancy divisor to up the distribution amounts when they’re taken. An iceberg if I’ve ever seen one.

What this new change will require is an all-hands-on-deck approach to your cash management. In other words, a little creativity. Do you gift a portion of your RMD to charity, take a portion in-kind, or transfer the after-tax portion to your brokerage account and invest it? Your tax bracket will play a big role in your decisions.

Action Line: There are few certainties in this world outside of death and taxes. Let’s focus on keeping more of what’s yours. Keep it in the family. Stick with me.

Originally posted on Your Survival Guy. 

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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, NH, where he completed course-work in Practical and Defensive Handgun, Conceal Carry Pistol, Shotguns, Precision Scope Rifle and Kidnapping Prevention.

E.J. plays a Yamaha Recording Custom drum set with Zilldjian cymbals. 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 and Paris.

Please get in touch with E.J. at ejsmith@yoursurvivalguy.com

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