Despite the risks to savings, retirees who launch a small business are happy in their new careers, though most are working harder than ever, a new survey shows.
Of more than 1,000 post-retirement business owners polled, 59 percent said they enjoyed their second career, while 68 percent said they were working harder than they expected, according to Information Strategies, a Ridgefield, N.J.-based consulting firm. The average age of respondents was 66 years old.
Nearly half started their post-retirement businesses with a spouse or live-in partner, and 64 percent said they expected to sell or pass on their venture within the next five years, the survey found.
Only 19 percent reported losing money from launching a business and were concerned about their long-term financial security.
"Starting a business after retirement required changes in the way respondents utilized their skills and managed the enterprise," Information Strategies CEO JoAnn Laing said in a statement.