Interviews with 30 older women (age 65–75) and 30 middle-aged women (age 40–50) revealed that, although having the same average global life satisfaction, the two groups differed significantly in salient sources of satisfaction and dissatisfaction and in the aspirations on which they based their judgments about satisfaction. Health was more salient for older than middle-aged women. Material well-being was important to the satisfaction of both groups, but was more often cited as a future aspiration of the middle aged. Older women strove to maintain the status quo or prevent fears from being realized, while middle-aged women looked forward to achievements and acquisitions.