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Is selling put options an advisable strategy for a retiree to generate stable income?
There is only one way to create "stable" income using options: write COVERED calls.   This means you must own some stocks which offer an active and liquid option market (FB would be good; T would be useless.) In other words, you need to own some "unstable" stocks, tickers that have sometimes scary volatility, and of course these are not great stocks for a retiree. But, let's assume you own 500 shares of FB, which you bought in June of 2015 for $75.    Today, you could have been paid $2,375 for selling five Mar18'16 $105 Calls. Your reasoning is:  So, the rule is: ONLY SELL COVERED CALLS AT A PRICE YOU WOULD BE HAPPY TO ACCEPT.    If you follow the rule, you'll generate more-or-less "stable" income. Do not venture off this narrow path into the rest of Option Land. There be dragons.     You can select strike prices that are far out of the money to minimize the chance of being exercised (and sweeten the deal by collecting an even higher price if the stock flies that high).    If you are thinking about doing this, study the subject thoroughly until you know the terminology backwards and forwards. (Don't worry about "the greeks" since market makers manipulate implied volatility so wildly that it overrides everything else.)