One entertaining a female retiree in novel way (4-5)
I believe the answer is:
fire-eater
'one entertaining' is the definition.
(fire-eaters are entertaining)
'a female retiree in novel way' is the wordplay.
'female' becomes 'f' (common abbreviation).
'in novel way' is an anagram indicator.
'a'+'f'+'retiree'='afretiree'
'afretiree' anagrammed gives 'FIRE-EATER'.
(Other definitions for fire-eater that I've seen before include "One whose lunch is very hot!" , "One partaking of something very hot!" , "A belligerent flame-swallower?" , "A hot-headed performer?" , "One swallowing flames for a living" .)