Entreprenurial activity is not restricted by age,  as with that of retirement, although savings and expenditure os related to one's life-cycle. It can work like job-switching. Ando-Modiglinai worl on saving hypothesis will help.

Entrepreneurial is an inborn activity; that is, it has nothing to do with early retirement or separation schemes. Most entrepreneurs start when they are young as opposed to when they are nearing retirement. The Asians, for instance, have the entrepreneurial mindset and as such start from when they are young and don't work for any organization. Most people who retire are not willing to take any risk with their finances as such save them in bank accounts to earn interest rather than investing in some form of businesses.

Thanks Vedamani & Augustine for your inputs. Both of you are right keeping in view the  entrepreneurial mindsets or opportunity-driven context. My question is actually relevant to a specific context.

Keeping in view the traditional environment and job-oriented society, now the things changing as more and more companies going for job-cuts and contractual job offerings, employees being offered a handsome package to leave jobs and survive on their own. My research is focused around those who opt to leave the jobs or made to leave the jobs, then how they survive? Its a case of necessity-driven entrepreneurship. Kindly provide some inputs and guide for references so that I may focus on this niche to address my question? Thanks.

Entrepreneurship is not restricted by age. Hence, it is possible that people may take retirement and launch own business. But one has to remember risk apatite.  A middle aged or a person who has crossed 50 years of age, rarely would go for risk taking. Particularly if some one who has worked as employee elsewhere for several years, it becomes difficult for him to find himself in entrepreneur's shoes.

As a matter of fact, entrepreneurial mind set is not restricted by age sex or the type of job or employment you are in but by the vision and passion. Most entrepreneurs actually do what they like the most and passionate about it and some do it for the good cause by creating an opportunity that not only helps them but others within their circles. If one doesn't have a mind that is set for savings and investment, then nothing is going to push them not even retirement benefits or extra cash. Some entrepreneurs are born and some are self made or inspired by others.

What ever I contribute here is personal and can not be used to make a generalization. People could be inclined to believe that someone that retires in his early 50s is not tired, and as such would want to go into business. From my observations, most of them go into the kind of business I call "Passing Time" business. This is true because Pensioners are not risk takers. At that point, all they want is just their daily bread, no too much money, because too much money requires huge investment. On the other hand, pensioners who have been in business even before retirement could hugely invest their money into what they perceive as "viable" business, after all, this what they are already into. So, the question if they encourage entrepreneurship, the answer is YES, however, it depends on the class of entrepreneurship. The follow up question is, Are these 'Pensioner entrepreneur' employers of labor?, the answer in most cases is NO. Because, it is only when you invest huge money that you will have need for staffers. In order to to do a better research on this, I recommend you develop a strategic questionnaire. Best wishes.