Most people 50 and up are already retired or are considering/planning for retirement. But as stated in the prompt, they may need to stretch their savings. I have combined my solution for this with a solution that could solve another problem faced by many seniors. Many seniors, having gone from working full-time to retirement, find themselves with extra time on their hands. It has been suggested that seniors find hobbies to occupy their time and give them emotional and creative output.
Under my plan, seniors could turn their recreation into a source of modest profit. Seniors would be encouraged to explore hobbies such as baking, sculpting, canning, knitting, music, sewing, woodworking, gardening, painting, and other creative pursuits that result in a finished, sell-able product. The products produced could then be sold at craft fairs and farmer's markets, resulting in a wealth of positive benefits. Seniors would have something to do, possible mental health benefits, additional income, a sense of direction and purpose, and the community would benefit from new markets of creative products and would be healthier overall as older citizens found happiness and direction.
Those over 50 who have not yet retired could engage in this to a smaller extent. They could take once weekly classes in a variety of creative classes, giving them a time of relaxation from the stresses of working while aging, and preparing them to become part of the artistic community of seniors that would be growing in their communities.
I believe this would have a wide variety of benefits for seniors and the community as a whole, and support both the dreams and the obligations of the senior community.