This is completely correct. The only reason these sorts of silly financial instruments are available, and the only reason you're not at the top of the thread, is because the level of basic economic literacy is so low.
The question of why annuities are relatively unpopular is an interesting social/institutional one. From talking to some financial planners, it sounds like some crooked origins gave them a bad reputation (like used cars) that they have struggled to shake. Even today there are an unusual number of scummy annuities, although it's much lower than in the past. I suspect it's because they have several moving parts, and are a bit harder for the financial unsavvy to value and compare between companies, so the market gets more swindlers.
EDIT: I previously also wrote "and the only reason this article is in the Washington Post without directly addressing these points," which is incorrect, as
roymurdock helpfully pointed out.
The question of why annuities are relatively unpopular is an interesting social/institutional one. From talking to some financial planners, it sounds like some crooked origins gave them a bad reputation (like used cars) that they have struggled to shake. Even today there are an unusual number of scummy annuities, although it's much lower than in the past. I suspect it's because they have several moving parts, and are a bit harder for the financial unsavvy to value and compare between companies, so the market gets more swindlers.
EDIT: I previously also wrote "and the only reason this article is in the Washington Post without directly addressing these points," which is incorrect, as roymurdock helpfully pointed out.