Y'all are being a little too hard on annuities. An annuity can actually allow you to to draw more from your portfolio than doing it yourself, because you don't have to base your withdrawal on the assumption that you'll live to 100. Instead, you can pool your longevity risk with others. If you have a large enough portfolio to support yourself without that, and something useful to do with the money (e.g. heirs, charity) if you live anything less than your maximum possible age, then go ahead and don't use one. But they are worth considering.
You can get an annuity that goes up with inflation, so that takes care of that objection.
It's true that most purveyors of annuities are terrible. But in that sense, annuities aren't any worse than used cars. Most salespersons thereof are sleezeballs, but if you go to a reputable seller, it can be a wise financial choice.
You are talking about a SPIA (Single Premium Immediate Annuity) and I agree that type is worth considering. The OP was implicitly referring to that as well. But with the kind of return they offer it usually does not make sense to buy one at 55. Retire at 55, draw on the bond portfolio for 20 years, then consider a SPIA at much lower cost.