One thing you may wish to consider is how philanthropic a person may wish to be in older age. For example someone living in a small community may want to make direct contributions to, say, creating a childrens play area or buying a field and turning it over to the locals for an oval (e.g. Gump Oval). This type of activity would limit the amount put into annuities and hence I believe a diversified mix is the way to go - you just never know what the future holds.
