A neighbor who is a high-school teacher asked me to attend a Zoom meeting with her for a presentation about her 403b. She is almost 60 and has not invested in a retirement plan thru work before. She gets overwhelmed very easily with financial stuff due to a current lack of knowledge and experience. She is very smart so I expect that to change over the next couple years.
Despite the "retirement educator" saying she would/could discuss several options, she only presented one. A National Life Group annuity with a Guaranteed Life Income Rider with a 5% bonus. And she has not sent any disclosures or brochures, saying they will be sent after my neighbor applies. She did make all the "guarantees," bonuses, etc. sound great.
The more I hear from the salesperson, the more I want to tell my neighbor to run. However, I used to be a CFP and can tell I'm overwhelming my neighbor with too many verbal details. So I'm looking for a simplified, short, plain English write-up about the pros and cons (mainly cons) of variable annuities with all these bells & whistles. Similar to JL Collins' Stock Series. Yes, I could write it up myself but would prefer to find something already done. Any suggestions?
TIA
