The advisor said that the target fund was too conservative but recommended an annuity? Hahaha. That's rich (for the annuity salesperson).

The friend isn't in awful shape. In 7 years he/she will have about $600k. That has to last until 65, or ~10 years, if the friend retires at 55. We don't know the friend's spending but if it can be reduced to SS+4% of the remainder, they're set. Serious spending changes are probably required, of course.