What Financial Advisors Can Learn from the Hackman Tragedy and the Call for "Longevity Preparedness"

Inspired by Joseph Coughlin’s article: Gene Hackman Tragedy Reveals Retirement Planning’s Missing Piece

The tragic passing of Gene Hackman and his wife, Betsy Arakawa, just days apart—only discovered by chance—has stirred deep reflection not just on aging, but on the way we think about retirement planning. Joseph Coughlin’s powerful article challenges all of us, particularly those in financial services, to look beyond the spreadsheets and rethink what it truly means to be “prepared” for retirement.

For financial advisors, it’s a moment of reckoning—and a call to evolve.

Beyond the Numbers: Retirement Is More Than Financial Security

Most advisors focus on helping clients accumulate wealth for retirement, and rightly so. Financial security is essential. But as Coughlin points out, it’s like electricity: necessary, but not sufficient. The Hackmans had financial means—but no backup caregiving plan, no coordinated support system, no social safety net in place when Betsy passed away and Gene, suffering from Alzheimer’s, was left alone.

What does that tell us? Even with money, people can suffer in silence if the non-financial aspects of aging are ignored.

Planning vs. Preparedness: A New Paradigm

Coughlin’s distinction between Retirement Planning and Longevity Preparedness is something every advisor should take to heart. Planning often revolves around documents, projections, and goals. Preparedness is different. It’s dynamic, human, and deeply relational. It asks:

• Who will be there when I can’t be there for myself?
• What happens if my spouse or caregiver becomes incapacitated?
• Can I age in my home safely?
• Will I be socially connected if I lose mobility or stop driving?

These questions fall outside the traditional scope of financial advising—but they’re central to living well in retirement. Advisors who ignore them may miss the opportunity to truly serve their clients in a meaningful and lasting way.

Why This Matters Now More Than Ever

With nearly 90 million Americans expected to be over 65 by 2050, and Alzheimer’s diagnoses projected to double, the landscape is changing fast. The caregiving crisis is already here: over 53 million Americans are unpaid family caregivers, and many are overwhelmed, untrained, and unsupported. As Coughlin rightly points out, this includes younger spouses and adult children—many of whom are your clients.

The Opportunity for Advisors

So what can advisors do differently?

1. Start the Right Conversations Go beyond the numbers. Ask about your clients’ caregiving roles, aging-in-place preferences, backup plans, and social support networks. These conversations don’t just build trust—they reveal blind spots and open doors to truly holistic planning.
2. Build a Network of Resources Collaborate with professionals in aging services, elder law, home modification, transportation, and caregiving support. Create a go-to referral list so clients know you're thinking beyond the portfolio.
3. Incorporate Longevity Preparedness Tools Help clients evaluate housing accessibility, social support, caregiving readiness, and transportation needs. Some assessment tools now allow for this kind of insight—and using them signals that you care about the whole person, not just their net worth.
4. Educate Clients on the Costs of Care Many underestimate the cost of home health aides, assisted living, or long-term care. Help clients realistically assess these expenses and explore options like long-term care insurance, hybrid policies, or setting aside dedicated care funds.
5. Lead with Empathy and Insight The advisors of the future won’t just manage assets—they’ll guide people through some of life’s hardest transitions. This requires deep listening, sensitivity, and the courage to ask meaningful questions.

Reimagining Retirement

As Coughlin wisely says, we need to stop viewing retirement as a reward and start seeing it as a new life stage that requires as much support and intentional design as any other major phase of life. Advisors are uniquely positioned to lead this shift.

The Hackman tragedy is a sobering reminder that even success and financial comfort are not enough to protect us from the vulnerabilities of aging. But it’s also a wake-up call—and an invitation. Financial advisors can be the catalysts who help clients not just plan for retirement, but truly prepare for the complexities, challenges, and possibilities of longer life.

If you haven't read Joseph Coughlin’s insightful article, here is the link: Gene Hackman Tragedy Reveals Retirement Planning’s Missing Piece