Research on the health status and on socio-economic inequality in the health status of Portuguese adults with 50 years of age or more is scarce, but urgent, so that policy-makers can better understand the type of burdens that this ageing process will place on social welfare policies. We use data from the Survey of Health Ageing and Retirement in Europe Wave 6 to investigate the role of gender, income and education in self-reported health status and in morbidity amongst adults aged 50+ in Portugal by means of a multivariate analysis. Results from this exploratory study reveal a negative self-perception of health status amongst older individuals; high prevalence of chronic diseases since an earlier age; high levels of depression problems reported by women; and high disability amongst the oldest old. The results also show a prevalence of chronic diseases, mental health problems, and high disability, which will challenge the Portuguese social welfare system in terms of long-term care and pensions, and will additionally require an adequate (re)organization of the healthcare supply to older adults. Furthermore, the evidence calls for a gendered perspective of health and social policy in Portugal, particularly concerning mental health.