I'm considering taking some of the funds accumulated in my 403(b) and putting it into something with guaranteed accumulation increase while I'm working and a pension like payout when I retire. My advisor has suggested a VALIC variable annuity (Portfolio Director) with IncomeLOCK+6 rider that guarantees a 6% increase for the first 12 years (while I'm still working) and then a set amount of withdrawal after I retire for life that can be between 4.5 to 5.5% of what I earned at the end of that 12 years of accumulation while I was still working. I'm balking at the fees: $15/year contract fee + 1.35% for the rider if it is a joint life that includes my wife. As near as I can tell the variable annuity part also has fees tacked on to it but I'm not sure about that. If there are fees with the variable annuity part (besides the $15/year contract fee), the total fees could be pretty large.
Since I'm still 18-19 years from retiring, perhaps it would be best to just stick with the regular 403(b) and go with the market for a while.