The article presents results of a study focused on subjective judgment by the Russians of life satisfaction level. Social demographic characteristic of the respondents, their state of health, level of their emotional prosperity were analyzed as factors determining the satisfaction level. Special attention was paid to specific character of understanding the category of “happiness” in various age group of the population and correlation of happiness judgments to the level of prosperity felt by people. The study permits to rank factors (health, stable job, legal security, friendly relations, etc.), influencing the respondents’ life satisfaction. Results of the study show that vast majority of respondents in all age categories confidently state that they are happy. The lowest values of life satisfaction are typical for the 26–35-year age group. There was a situation when respondents were not satisfied with their lives but at the same time considering themselves happy. A majority of the questioned determine happiness as presence of sense in life. Among the priority factors conditioning life satisfaction the first place belongs to health, the second – to the family, the third – to the material prosperity. People who felt their state of health to be excellent and good, are more satisfied with their life and are happy. In many cases respondents blame themselves for non-satisfactory state of health. Concerning factors of negative impact on health a majority of choices belongs to the “way of life” and “ecology”. The elderly people in Russia appear less happy and satisfied with their lives, than the elderly abroad, demonstrating a non-satisfactory level of social security, material prosperity, and healthcare services for the people in the retirement age. Women are happier than men.