It's the dreaded question. My answer typically depends on the audience. But, 8 times out of 10, it's "I'm FUNemployed."
"Ummm, did you say unemployed?"
"No, FUNemployed. You know, putting the fun in unemployment."
The person I'm conversing with generally looks confused at this point, or perhaps even gives me a pitying look. And that's when I drop it.
"You know, it's when you get to do all the things that you never had time to do while working plus you're getting paid for it. By the state."
"Hmm." Pause for processing. "That actually sounds better than working.?!"
Sometimes, though, if I really don't want to talk to someone or if I just don't feeling like explaining, I just say, "Advertising."