Because you can do both  

I suggest a broad spectrum of investments of @50% stock and bonds, precious metals, commodities, and spread the rest to income producing vehicles like real estate (rental properties), LLCs and so on.  

Whatever you do, don't get caught up in the financial services industry more than necessary.

Manage it yourself?  Other than choosing and maybe every now and then moving something for good reason just buy whatever, leave it there, almost forget about it, and 5 years prior to retirement look at it.

Annuities are not a bad investment, like insurance, they pay, fixed term or life, like a defined benefit pension plan.

Diversify, lean back, don't fiddle with it, and you won't regret it.