Here are some potential disadvantages of common retirement investment vehicles:

401(k) plans:
– Limited investment options – Typically restricts you to funds chosen by employer’s plan. May lack diversity.
– Account fees – Administration fees and fund expense ratios can chip away at returns.
– Penalties for early withdrawal – Taking money out pre-retirement results in taxes/penalties.
– Required minimum distributions – Force you to take taxable distributions after age 72 whether you need to or not.

IRAs:
– Lower contribution limits – IRA contribution limits are much lower than 401(k)s, limiting tax-advantaged savings.
– No employer match – IRAs don’t come with valuable employer matching contributions.
– Income limits – Tax deductibility is phased out at higher incomes for traditional IRAs.
– Mandatory withdrawals – Same required minimum distribution rules as 401(k)s.

Annuities:
– High fees – Surrender fees and mortality/expense charges can be very high.
– Tax treatment of gains – Earnings are taxed at ordinary income rates rather than lower capital gains rates.
– Restricted access to money – Getting funds can be difficult depending on type of annuity.
– No step-up in basis – Assets don’t get basis stepped up upon inheritance like other accounts.

The key is to understand the limitations of each vehicle to construct an optimal overall retirement portfolio. Working with a financial advisor can help identify the best options given your individual financial situation and goals.