Just 13% of respondents knew that full retirement age is based on their year of birth. Fifty-four percent were aware that some of their benefits could be withheld if they are still working before their FRA, between the ages of 66 and 67, depending on their year of birth. 
2. What 'Full Retirement Age' Really Means
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Over half of Fidelity clients who need to take required minimum distributions from retirement accounts had yet to do so as of Nov. 30, based on their account activity.
Fifty-three percent hadn't taken their RMDs, even as the Dec. 31 annual deadline approaches, and 10% had taken a partial RMD but hadn't met their RMD obligation for the year. The firm notes, however, that some investors may take their RMDs from accounts with other providers.
Investors who miss the deadline face a 25% tax on the required withdrawal amount unless they correct it within two years, and even then could incur a 10% penalty.
Under federal law, investors must take their first RMD by April 1 the year after they turn 73 (if they delay taking it the same year they reach that age) and a second by Dec. 31 that year. Thereafter, they must take RMDs by Dec. 31 every year. The required distributions apply to employer-sponsored plans and traditional IRAs but, for the original account holders, not to Roth IRAs or plans.
Investors who inherit any retirement accounts, including Roth accounts, also face RMD rules.
Fidelity has seen a 10% increase in RMD clients year-over-year and a 22% increase in RMD dollars. First-time RMD clients — those turning 73 this year — account for 8% of the company's RMD population.
The asset manager notes that 28% of RMD clients have an automatic withdrawal plan, with the rest withdrawing the money on their own. Inherited IRAs comprise 29% of all RMD accounts.
The SECURE Act brought new rules for inherited IRA distributions, requiring non-spouse beneficiaries to empty the accounts within 10 years rather than over their lifetimes, although some exceptions apply.
Fidelity's RMD stats were first reported by CNBC.
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