A new study by the Institute of Directors reveals that many entrepreneurs have no plans to hang up their hats and many over-50s are starting new businesses.
The report, The Age of the Older Entrepreneur, explores the labour market for older people and looks at proposals aimed at helping people who want to start a business later in life.
As part of the study, the Institute of Directors (IoD) surveyed its members and found that over half (53%) identified themselves as entrepreneurs. The majority of respondents polled were over the age of 50 and one in six said they "never plan to retire".
The report also includes case studies that show older entrepreneurs setting up a wide range of companies. These include Steve Perry (aged 59) who has launched No Desire to Retire - an online platform that helps over-50s find work.
In order to support older entrepreneurship, the IoD is now calling on the Government to consult on the introduction of limited, tax-free withdrawals from personal pension pots if money is earmarked for start-up investment, in addition to the current 25% tax-free allowance.
It is also calling for the tax system to be "flexed" to encourage individuals to access training through their working lives, proposing the introduction of a "shadow personal allowance" to be offset against an individual's income tax liability.
"I have long been an advocate of working later in life, but it is crucial that those who choose these routes have the right tools, and feel adequately supported in the process," said Lady Barbara Judge, chair of the IoD.
"Choosing to take financial and business risks later in life can be difficult and I applaud any person who decides to take this route. People in their sixties now are on the front line of the shifting boundaries between work and retirement. The Government should consider introducing tax incentives to encourage people to pursue their ideas and invest in training, so that they can continue to have fulfilling working lives beyond the age expected by previous generations."