Many people believe that the digital generation (babies born now through high school kids) will be a generation of adults without pictures of their childhood. That seems hard to believe when my nephew, who at age 2 has already had more pictures taken of him than I have in my entire life. Why wouldn't he have far more pictures of himself when he's an adult than I do?
Computers are mechanical devices and hard drives can fail without warning. A hard drive failure can wipe out years of memories.
It's great that you're doing this, but it's still a problem in the long term. The surface of the Disc that you're burning the photo data onto can oxidize over time. Once this happens the files can't be read from the disc. Also, file formats come and go. Even Kodak who pioneered the photo CD just a few years ago, no longers supports that format. Even if your Kodak Photo CD hasn't oxidized, the file format that it's stored in can't be read by modern operation systems. The same can happen to JPEG, TIF and RAW files over time.
When I photograph an event I burn everything to DVDs. If you ask me 10 years from now if I still have photos from a show way back in 2008, I'll say "maybe". If the DVD is still good, then I can get you the photos. That's why I only state I keep the photos for a year. I don't delete them, but I never know if the files are going to be readable after a few years.
My personal photos that I want to keep for years and years I do something different. I keep a copy on an external hard drive that isn't usually connected to a computer or wall outlet. Notice I said copy, I still keep them on my main hard drive too. If one drive fails I have a backup. If lightning strikes near by and fries my drive, the external one isn't connected to the computer or outlet so it will still be good. Also, I fully expect that when JPEG is no longer the standard format for photos, I will convert them to what the new standard is. I may have to do this a few times in my life.
Yes, old non digital options are one of the best. This means printing them. Prints may not survive a fire, but a hard drive failure will happen eventually. Odds that your house will burn are much smaller. Even to this day, old film negatives can be scanned and turned into usable prints. If you can see the image with your eyes it can be photographed or scanned.
One of the reasons I started Action Superstars was to help capture important memories. It won't take too much effort on your part to insure these memories last a long time.