6 smart moves for older entrepreneurs

Big risks to your savings

Job loss, a lack of retirement funds or just plain boredom at work have driven more people in their 50s and 60s to start their own businesses.

Entrepreneurship by older Americans grew more than 60% between 1996 and 2012, says the Kansas City, Mo.-based Kauffman Foundation.

Indeed, baby boomers now make up about half of all new business owners in the U.S., the Kauffman Index of Entrepreneurial Activity notes.

If you're at or near retirement age and the idea of opening your own business seems appealing, know that your odds of failure are high. If that stark reality isn't enough to stop you, make sure you protect yourself from financial ruin.

Our 6 smart moves for late-life entrepreneurs can help you shelter your nest egg even as you take this big leap.

By Craig Guillot
Interest.com Contributing Editor