Risks that Impact our Well-Being and Financial Stability
A Blog About Sharks, Cows, Falling & Finances
In our daily lives, we often encounter various risks that can significantly impact our well-being and financial stability. While some of these risks are widely recognized, others may take us by surprise.
Shark attacks frequently grab sensational headlines in the media, distorting our perception of their actual occurrence. In truth, the likelihood of experiencing a shark bite is remarkably low. As per the International Shark Attack File, there were only 57 confirmed unprovoked shark attacks globally in 2021, with a mere 10 resulting in fatalities.
On my daily commute, I pass by a cow pasture, and it’s worth noting that contrary to popular belief, cows pose a greater risk than sharks when it comes to fatalities. Accidents involving cows, such as trampling or charging, do happen. According to data from the Centers for Disease Control and Prevention, cows are responsible for an average of 20 deaths annually in the United States.
The Centers for Disease Control and Prevention (CDC) reports that one in four adults aged 65 and older experiences a fall each year in the US. The likelihood of falling and sustaining injuries varies depending on age, health, and environmental factors, emphasizing the importance of prevention and safety measures. In 2021, the CDC documented 228 fall-related deaths in Rhode Island and 1,024 deaths in Massachusetts. It’s essential to acknowledge that the risk of falling and getting injured can vary based on individual circumstances. (If you’re concerned about your own fall risk, I recommend consulting with a healthcare professional for personalized guidance.) Consider signing up for a “Matter of Balance” class (401-437-7217) to enhance your fall prevention skills.
A 2020 study conducted by the National Institute on Retirement Security revealed that 57% of working-age households in the United States lacked retirement savings. Insufficient savings can lead to financial stress, a reduced quality of life, and dependence on government assistance programs. Many Senior Centers provide financial literacy classes to help individuals plan for their retirement.
According to the Administration for Community Living, one-third of individuals aged 65 may never require long-term care, while 70% will need some form of long-term services and supports, and 20% will require long-term care services for five years or more. Genworth Financial’s Cost of Care Calculator indicates that a semi-private nursing home room costs $310 per day in Rhode Island and $415 in Massachusetts. (It’s important to note that Medicare does not cover long-term care expenses.)
While it’s crucial to be mindful of the risks we face in life, it’s equally essential to put them into perspective. The probability of a shark-related fatality is exceptionally low, whereas the risk of cow-related incidents is higher.
The risk of inadequate savings for the long-term services and supports that two-thirds of us will require as we age is considerably higher. It’s time to consider what steps we need to take to ensure our safety as we grow older. While being vigilant about sharks is important, it’s even more urgent to be aware of the risk of falling and to prepare for the costs of long-term care.
For additional information on staying safe as we age, please visit: https://rielderinfo.com/safety/