The article examines the relationship between various components of vulnerability and life satisfaction among older people in Russia. Empirically, the study bases on data from the first wave of the WHO Study on Global Ageing and Adult Health (SAGE) for 2007–2010. The analysis showed that physical vulnerability, or frailty, is associated with a significantly lower level of life satisfaction of the older population. At the same time, there are differences in this relationship between age groups, and an increase in the physical vulnerability of individuals aged 75–89 years old reduces their subjective well-being to a greater extent in comparison with the group of individuals aged 60–74 years old. The financial situation of individuals also plays a significant role: lack of income to cover daily needs negatively affects subjective well-being. Socializing with friends is another predictor of life satisfaction in older age.

Presently, population ageing is one of the main demographic trends in developed countries, including Russia. The article analyzes changes in life satisfaction of individuals aged 45–72 and reflects the main factors influencing this indicator. The research method employed in the study is econometric analysis based on data of the 21st, 23rd, 25th and 27th rounds of the annual Russian Longitudinal Monitoring Survey – Higher School of Economics (RLMS-HSE). The analysis showed that such indicators as self-assessment of health, income, having a pension and a permanent marital partner had a significant positive impact on life satisfaction for older individuals. It has been revealed that for both sexes an important factor of life satisfaction is the employment status, while the kind of activity turned out to be not statistically significant. The family status and family composition do not have any significant impact on life satisfaction for men, but they do for women.