Dude, you're just digging yourself deeper. What? Did you just look up annuities in Wikipedia? Congrats.

Now do some homework on the pay-out model and fee structure for annuities and see if you can figure out how they are different from:

1. Direct investments in equities
2. The distinction between a centrally (government) managed retirement plan and personal retirement accounts

I'll grade what you write, but I have to warn you -- you'll need to do a lot of extra credit at this point to even pass.

Seriously, though, you have no idea what you're talking about do you? You actually thought you were rebutting me, right?