Craig Mitchell, 63, makes about $700 a week driving an Uber near Indianapolis while his wife is at work.

"I have five daughters and I used to tell them, 'Don't talk to strangers or get into a stranger's car.' Now I pick up strangers and talk to them for a living," he said.

Mitchell is part of a growing number of seniors driving for ride-hailing apps, such as Uber and Lyft, to supplement their retirement income. On the flip side, the costs and regulations to be a driver are rising while the pay rates have fallen.