The annuity conundrum

Despite its potential as an income generating instrument during retirement, there is a general discomfort by many people in using annuities.

The attached article by CRR Boston College provides a good outline of the issues that people grapple with in relation to annuities.

What are the psychological barriers that make this an emotional, instead of a financial decision?

1) Is it the complexity of valuing annuities that make them unpopular?

2) Would knowing the total sum of all potential payments compared to the lump sum, sway the decision?

3) Would having the ability to make ad-hoc withdrawals make a difference in the decision in favor of the annuity?

How about other objections and issues that you are aware of? Can you share those?