Navigating Annuities: What to Know Heading into 2024

In an era marked by unprecedented market volatilities and rising interest rates, annuities have emerged as a beacon of stability for those charting their retirement journey. The past year has seen a staggering increase in annuity investments, with figures soaring to $385 billion, up from $313 billion in 2022. This surge is not just a testament to their growing popularity but also to their critical role in providing a bulwark against the erosion of savings, ensuring a steady income stream reminiscent of pensions or Social Security benefits.

The resurgence of annuities is largely driven by a confluence of factors, notably the uptick in interest rates and an increasing desire for financial security amidst uncertain market conditions. As we look towards 2024, understanding the nuances of annuity investments becomes paramount.

Fixed-rate Deferred Annuities: These are the stalwarts of the annuity world, offering a guaranteed return over a set period. Their allure lies in their simplicity and the safety they afford, much like certificates of deposit (CDs), making them an attractive option for those seeking stability in their investment portfolio.

Single Premium Immediate Annuities (SPIA): For those seeking immediate returns, SPIAs stand out. By investing a lump sum, you secure a promise from insurers to begin disbursing fixed monthly payments, offering a financial lifeline that extends throughout your lifetime.

The landscape for annuities in 2024 is ripe with potential, underscored by diversified growth across various product lines. This burgeoning interest in annuities underscores a collective quest for financial security, a trend that is likely to persist as we navigate through the intricacies of economic fluctuations.

As we edge closer to 2024, the appeal of annuities is undeniable. However, it's crucial to acknowledge that the annuity marketplace is vast and varied. Not all annuities are crafted alike, and what suits one may not fit another. This necessitates a thoughtful approach to investment strategy, one that evaluates whether an annuity aligns with your financial aspirations or if other avenues might better serve your long-term goals.

In summary, as we approach 2024, annuities offer a promising avenue for those seeking to fortify their retirement planning against the uncertainties of the market. Whether it's the guaranteed stability of fixed-rate deferred annuities or the immediate financial support from SPIAs, annuities deserve a closer look in your investment portfolio. Now may be the opportune moment to reassess your financial strategy and consider how an annuity could complement your vision of a secure, financially stable future.

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Corporate Tax Filing Deadline: A Guide for Business Owners

By duda • February 28, 2024

As a business owner, you're no stranger to the myriad of responsibilities that come with running a company. Among these tasks, one of the most crucial is ensuring that your corporate taxes are filed accurately and on time. At Acorn & Oak Wealth Management, we understand the importance of this process and are here to guide you through it. The corporate tax filing deadline for most businesses in the United States is April 15th . This date is not just a mark on the calendar; it's a significant milestone in your business's financial year. Meeting this deadline is essential to avoid penalties and maintain a good standing with the Internal Revenue Service (IRS). It's crucial to note that if April 15th falls on a weekend or a holiday, the deadline is extended to the next business day, offering a slight reprieve for last-minute filings. For corporations operating on a fiscal year different from the calendar year, the deadline is the 15th day of the fourth month following the end of their fiscal year. The key to successfully navigating this deadline is not to delay . Procrastination can lead to rushed filings, errors, and potential penalties. Instead, it's advisable to start the tax preparation process well in advance. This allows ample time for gathering necessary documents, reviewing financial statements, and seeking professional advice if needed. Remember, tax filing is more than just an obligation; it's an opportunity to understand your business's financial health better. It provides a clear picture of your income, expenses, and overall profitability. This information is invaluable for making informed decisions about your business's future. At Acorn & Oak Wealth Management, we believe in empowering business owners with the knowledge and tools they need to manage their finances effectively. We understand that tax season can be a stressful time, but with careful planning and timely action, it can be navigated smoothly. While this post does not include a call to action, we encourage you to stay informed and proactive about your corporate tax responsibilities. Remember, the key to a successful tax season is not to delay. Start early, stay organized, and don't hesitate to seek professional advice if needed. In conclusion, the corporate tax filing deadline of April 15th (or the next business day if this falls on a weekend or holiday) is an important aspect of your business's financial management. By not delaying and starting the preparation process early, you can ensure a smooth, stress-free tax season. At Acorn & Oak Wealth Management, we're here to help you navigate this process and make the most of your business's financial potential.

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Why Long-Term Investing Works

By duda • January 11, 2024

In the world of stock market investing, patience is not just a virtue—it's a strategy. The key to success isn't about perfect timing but rather about giving your investments time to grow. Let's explore why many consider long-term investing as the smartest approach to navigating the stock market.

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Inflation-Proof Your Portfolio: 5 Strategies for a Changing Economy

By duda • October 26, 2023

Remember when gas was only $0.63 a gallon? Depending on how old you are, you might not. That was way back in 1978. Prices going up is something we call inflation. It means things cost more, and that can make it harder to save money. People who get a fixed amount of money, like retirees, feel this a lot. But don't worry, there are ways to protect your savings from inflation. Here's how: