Required Minimum Distribution

[RSteve]

I have an IRA at St. Paul Federal Credit Union. I had other IRA accounts but used those for prior distributions. Tomorrow at SPFCU, I have an IRA CD that matures. I went there today to make my RMD for 2021. Interest is so low that a one day penalty on the CD is of no significance. There was not one person at this credit union's main office that knew how to process the paperwork for the RMD. I have to go back tomorrow, when the one person who knows what to do is present. Today, the customer service representative with whom I spoke said there was not one person working there who had been there over six months and none had been trained to deal with IRA distributions

 

[ftrplt]

Arrgghhh!! RMD's are not something to mess up!! Not done correctly many bad things happen to you!!! I have my TIRA with Vanguard. They do all the work, following my instructions; it all magically happens. 1st week of January I'll receive a notice as to my end-of-year balance and my RMD amount for 2022. Hope all this works out for you!! FTRPLT

 

[RSteve]

I go to this website: RMD calculator
(You don't have to log in) then go down the page for the worksheet. In less than a minute I know my RMD. I bring that to the holder of the IRA funds.

 

[ftrplt]

Steve, the concern is not with you!! It lies with the credit union!! They somehow mess it up, you're the one left holding the bag!!! Hope all goes well!! FTRPLT