In 2020, a lot of people thought every day was like the movie Groundhog Day as we all battled through the COVID-19 pandemic, and we tried our best to maintain business as usual in a challenging environment for all of us. Little did we know, 2020 would impact our lives as much as it did and now statistics show we may have lost some life expectancy as well.

According to the Centers for Disease Control and Prevention, Americans’ life expectancy dropped by 1.5 years (18 months) in 2020, which was the largest decline in life expectancy since World War II. The CDC’s National Center for Health Statistics stated that Americans are expected to live an average of 77.3 years. COVID-19 deaths contributed for almost 75% of the decline.

Here are some more statistics from the CDC report.

• Almost 11% decline due to accidental deaths or unintentional injuries
• 33% of unintentional injuries were drug overdose deaths
• 3% due to homicides
• 2.5% due to diabetes
• 2.3% due to chronic liver disease
• Males declined 1.8 years; females dropped 1.2 years
• 5.7 years difference in life expectancy between females and males
• 3.7 year drop in life expectancy for male Hispanic Americans (largest drop of all ethnic groups) and three years for all Hispanic Americans
• Almost three years for Black Americans (second largest decline)

Annuity Alliance is passing along these statistics as information only, but our team wanted you to be informed about these statistics to factor into your retirement planning efforts.

With the pandemic affecting life expectancy, you may want to ensure your loved ones are taking care of and your legacy is preserved through a guaranteed lifetime income product like an annuity in case of an untimely death.