Retirees who need or want to go back to work in the U.S. today have the desire to be their own boss and are likely to start a business in retirement to have control over their own work environment.

Seniors who go this route should be aware of the financial risks and should do as much research and planning as possible in order to protect their retirement savings from business failure.

“The success in any small business depends on having an idea that potential customers are interested in,” said Norm Sherman, certified SCORE mentor. “Good ideas are good ideas no matter when, so if you've got a good idea and the passion to pursue it, then this is as good a time as any to start a business.”