What are the downsides of buying an annuity?

{"faq_footnote":"\u003ca target='_blank' href='https://www.investopedia.com/ask/answers/092815/what-are-biggest-disadvantages-annuities.asp'\u003ehttps://www.investopedia.com/ask/answers/092815/what-are-biggest-disadvantages-annuities.asp","answer":["Annuity distributions are taxed as ordinary income, which is a higher rate than that for the capital gains you get from other retirement accounts.","Annuities charge a hefty 10% early withdrawal fee if you take money out before age 59½."]}