With advances in medical treatment and technology, many people now survive critical illnesses that would have been fatal in the past. As a result of this increased life expectancy senior Americans have the opportunity to watch grandkids grow into adulthood and start families of their own. Enjoying some great grandkids is a real possibility.
Some unhappy news; many retirees will at some point become critically ill as the following statistics demonstrate. The need for planning in order to avoid becoming destitute is more important than ever.
- Men have a slightly less than 1 in 2 lifetime risk of developing some form of cancer. For women, the lifetime risk is a little more than 1 in 3.
- Between 2002 and 2008, the 5-year relative survival rate for all cancers was 68%, up from 49% in 1975 – 1977.
- It is estimated that over 1.6 million new cancer cases were diagnosed in 2013.
(Source: Cancer Facts and Figures 2013; American Cancer Society)
- An estimated 80 million Americans have one or more types of heart disease.
- Each year, an American will suffer a heart attack about every 34 seconds.
- The lifetime risk for cardiovascular disease at age 40 is 2 in 3 for men and more than 1 in 2 for women.
- It is estimated that the total costs of cardiovascular diseases in the U.S. was over $448 billion in 2008.
(Source: Heart Disease Facts, Centers for Disease Control and Prevention, July 2013)
- Someone in the United States has a stroke every 40 seconds.
- Stroke is a leading cause of serious, long-term disability in the U.S.
- It is estimated that Americans paid about $38.6 billion in 2010 for stroke-related medical costs and lost productivity.
(Source: Stroke Fact Sheet, Centers for Disease Control and Prevention, July 2013)
Will you have sufficient funds available to pay for:
- Any insurance co-payments and deductibles;
- Alterations to your home and/or automobile to meet any special needs;
- Out-of-town transportation and lodging for medical treatment;
- Treatments not covered by traditional health insurance; and/or
- Shorter-term home health care during your recuperation?
Surviving critical illnesses increase our life expectancies, we will live longer than ever before. At the same time, fortunately annuity ownership is rising An annuity is the only guaranteed financial hedge against longevity. More than ever a retiree’s goal should be lifetime income not just income for 20-30 years.