Work increasingly is becoming part of golden years

By Rebecca Keister
PBN Staff Writer

When Oliver Tutt talks about the right time to retire, it might be a good idea to listen. More

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FOCUS: ESTATE & RETIREMENT PLANNING

Work increasingly is becoming part of golden years

PBN PHOTO/NATALJA KENT
IN THE BLACK: Oliver Tutt, managing director of Randall Financial Group, says that retirement is more of a “fade to gray” than a cut to black. Above, he speaks with a prospective client, Melissa Jenkins.

By Rebecca Keister
PBN Staff Writer

Posted 10/29/12

When Oliver Tutt talks about the right time to retire, it might be a good idea to listen.

As managing director of Randall Financial Group in Providence, where about 60 percent of the clientele is within five years of retirement on either side of the milestone, he knows a thing or two about planning for the future.

That knowledge encompasses realizing when it’s time to rework a plan, including his.

“I would love to think I’d retire at 60,” said Tutt, who is 42. “[But] when I actually get to 60, you think, what the heck else am I going to do? I don’t see [retirement] as a light switch. I see it as a fade to gray.”

Tutt is talking about a societal trend to prolong a professional life that could, he and other area financial planners say, account in part for the fact that the average age of an American retiree continues to creep up toward 70.

According to Gallup’s annual Economy and Personal Finance Survey released last spring, 39 percent of nonretirees expect to retire after the age of 65. That percentage increased from 21 percent in 2012 and from 12 percent in 1995.

According to the survey, those polled who are 40 years and older expected to retire at age 68.

“I don’t think 65 is the norm anymore,” said Dan Forbes, who owns Forbes Financial Planning, Inc. in Providence. “I think for the average it’s shifting anywhere from 67 to 70 and then you have a group that is working part time. The mindset has definitely shifted.”

The reasons are neither strictly financial nor cultural.

Today’s midcareer workers, including Tutt, have survived – and thrived – within a “do more with less” and achievement-driven environment that has resulted, for some, in an ability to let that part of their life end.

Mostly gone, he and others said, are the days of biding one’s time at the office until a pension is handed out and then relaxing with a fishing pole or an RV ride across the country.

“I think it’s how people receive retirement. It’s gone from the idea of here is the day I stop working and start hitting the golf course to now it’s more of, I want my lifestyle to be more leisurely but I don’t mind working,” Tutt said. “Most of my clients like what they do. They probably just want to be able to do it less and pursue some of their other passions.”

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