RMD or RIP
SECURE Act 2.0 changed the penalty for missing your RMD from a punishing 50% excise tax down to this more reasonable percentage—though it can be reduced further to 10% if you correct it within two years.
What is 25%?
This hipster-associated hairstyle trend exploded in 2013-2014 after celebrities like Jared Leto and Harry Styles wore it. A 2015 survey found 62% of women disliked it, but that didn't stop baristas everywhere from tying one up.
What is the man bun?
In the 2003 movie Elf, Buddy explains that elves try to stick to the four main food groups: Candy, Candy Canes, Candy Corn, and this sticky sweetener.
What is syrup?
This advisor "enjoys eating like a middle schooler," leading to an emoji that's now "an abstract celebration of being true to yourself.
Who is Chris? (String cheese 🧀)
One Bogleheads poster observed that 'close to 100% of the time' when meeting someone with an Ameriprise advisor, they own one of these—a life insurance product that's 'universal' in its ability to disappoint and 'variable' only in how much you'll regret it.
"What is a VUL?" (accept: "What is Variable Universal Life insurance?")
The SECURE Act eliminated the 'stretch IRA' for most non-spouse beneficiaries, replacing it with this rule requiring complete distribution of inherited retirement accounts within a decade of the owner's death.
What is the 10-year rule?
According to American folklore, this giant lumberjack created Minnesota’s 10,000 lakes with his footprints and the Grand Canyon by dragging his axe behind him.
Who is Paul Bunyan?
In A Christmas Story, the father wins a 'major award' that turns out to be a lamp shaped like this specific body part—much to the mother's horror.
"What is a leg?" (accept: "What is a woman's leg?")
According to our 'Just Say No to Jargon' resource, instead of using this corporate cliché that implies you want to have a secret meeting, you should simply say 'Let's talk about that after the call.'
What is 'Let's take that offline'?
Before Ameriprise could 'surprise' clients on its own, it spent 21 years as a division of this credit card company—which spun it off in 2005, perhaps realizing the brand confusion of 'Don't leave home without it' and '10-year surrender charges.'
What is American Express?
Non-spouse beneficiaries who inherited IRAs from owners who died AFTER their Required Beginning Date face a nasty surprise: they must take annual RMDs during years 1-9 AND empty the account by year 10. The IRS calls these 'NEDBs'—this acronym.
What is Non-Eligible Designated Beneficiary?
Named after a German chemist, this piece of laboratory equipment produces a single open gas flame and was likely the first thing you were warned not to touch in high school science class.
What is a Bunsen burner?
In Home Alone, the burglars Harry and Marv refer to themselves by this 'moist' nickname because they have a habit of plugging the drains and leaving the water running in the houses they rob.
"Who are the Wet Bandits?"
This state allows an UNLIMITED 100% tax deduction for 529 contributions, making it the most generous in the nation—meaning a client could theoretically contribute their entire paycheck and wipe out their state tax bill.
What is New Mexico?
Ameriprise's proprietary insurance arm shares its name with a body of flowing water—ironic, since your money only flows in one direction: into 10-year surrender charges.
What is RiverSource?
Surviving spouses have a unique option under SECURE 2.0: they can elect to be treated as THIS for RMD purposes, allowing them to delay distributions until the year their deceased spouse would have reached RMD age.
"What is the decedent?" (accept: "What is the deceased spouse?")
In Florida prisons, inmates buy 270,000 of these glazed pastries per month—more than tobacco or Coke—using them as currency for trades, bribes, and even as a base for homemade 'prison wine.
What are honey buns?
In National Lampoon’s Christmas Vacation, Clark Griswold explodes when he receives a one-year subscription to the 'Jelly of the Month Club' instead of this expected financial perk.
"What is a Christmas bonus?" (accept: "What is a pool check?")
In New York City, purchasing a property over $1 million subjects the buyer to this tax, which ranges from 1.0% to 3.9% of the property's value—even though the 'estate' in question is likely just a 1-bedroom apartment.
What is the mansion tax?
In 2022, the SEC discovered RiverSource employees were using these office supplies—typically found in kindergarten classrooms—to identify which clients to churn into new annuities for higher commissions.
What are color-coded lists?
A drafting error in SECURE 2.0 accidentally set two different RMD ages for people born in this year—both 73 AND 75. The IRS has since clarified the correct answer is 73.
What is 1959?
This VHS workout phenomenon was created by a debt-ridden Anchorage aerobics instructor who called himself 'Dr. Buns.' Shot in two takes with students paid in pizza, it spawned a franchise targeting abs and thighs.
What is Buns of Steel?
While it is technically a Christmas movie, Die Hard takes place entirely inside this fictional Los Angeles skyscraper, which is taken over by Hans Gruber.
"What is Nakatomi Plaza?"
A 'Beneficiary Participant Account' in this federal plan has a fatal flaw: it can only be inherited ONCE. If the surviving spouse dies, the children cannot use the 10-year rule—they must liquidate the entire account immediately.
"What is the TSP?" (accept: "What is the Thrift Savings Plan?")
In their cash sweep lawsuit, plaintiffs alleged Ameriprise paid clients this interest rate on uninvested cash while money markets offered 5%—a spread so wide you could park a RiverSource annuity in it.
"What is 0.3%?" or What is less than 0.5% or "what is jack all"