Factors determining levels of subjective well-being of persons over 60 are analyzed on the basis of the fifth wave of World Value Survey (2005–2007). It is found that the strongest impact on subjective well-being in advanced ages stems from satisfaction with financial situation (i.e., not absolute size of income), positive evaluation of one’s health, independence in decision taking and an ability to build favorable relations in environment. For high level of subjective well-being characteristics of the country are also of importance such as per capita GNP, democracy, equality, freedom and tolerance levels.