First American is the best of the worst. It is still an annuity. It still has a high sales fee. It is still an investment vehicle that is difficult to unwind. Better to put his money in a total stock fund and a total bond fund. And if he concerned about principle do a 30/70 split. 30% total stock and 70% total bond. Use very low cost funds. (Vanguard, Fidelity or Schwab) Only look at it once a year on his birthday to re-balance back to 30/70.
Doing it that way he can sleep well at night.
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Life is to short to drink cheap wine.
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