When I retire, in about 40 years or so, I plan to have some type of annuity as a component to my overall investment strategy. In addition to my company sponsored 401(k), my Roth IRA and my hobby of messing around on E-Trade (which I have to admit I am about as dismal at as I am at my other hobby, golf) I will buttress my portfolio with an annuity.
That will be the case for many people of my generation as they do not know what an annuity is or how one works. And the few that do have their information muddled and riddled with misconceptions. You may say: Well, that is the job of the financial advisor. It is their responsibility to educate and relay important retirement options to the investor. And you would be correct, but not completely. People in the medical profession are constantly reminding people what is good for them and many never heed the advice. A persuasive campaign is needed to explain to people why they should stop smoking instead of just finger-wagging from a doctor.