As per JLP‘s advice, I called up Vanguard and see if they have a similar variable annuity plan similar to the one offered by Bank of America. It would be nice if they do because Vanguard is known for low fees. Unfortunately, they don’t have something like that. The advisor seems to be very professional and lay-back. He didn’t do so much aggressive selling as other advisors did. He did not push me to buy any Vanguard annuities. In fact, he suggested VA should be last buys. He talked to me in general what I should do — buy IRAs, 401ks, first, etc.
I’m going to look at the Vanguard Target Retirement Funds, because those funds seem to be an easy way to grow your money with low risk and low management fees. Also, the funds re-balance every so often to reduce risk as the year approaches your targeted retirement date.