talk about wanting to play it safe prior to and going into retirement with their savings and I don't understand it. Sorry, this may or may not help. Just some ramblings.
If you are 60-ish, there is a good chance that you'll live well into your 80s and maybe longer (healthy LDS individuals). That money needs to last potentially 25+ years. Take into account inflation and heck, you may as well keep it in your 8-12% return investments.
Annuities are strange investment vehicles for me as well. Its an insurance product, a contract between a person and a company. Insurance folks sell them because they don't need to be credentialed like investment planners do who buy stocks or mutual funds.
Lastly, have you ever seen a hedge fund investing in an annuity? If those really smart folks don't, probably not great for the regular folks (I'm a regular folk, I won't presume to put you in that category).