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Objectives:Evidence supports that subjective well-being (SWB) diminishes in the old age and that this decline is strongly determined by elders’ psychosocial resources. This study explored person-centred, multidimensional, empirically-derived profiles of psychosocial functioning in the elderly and related each trajectory to differing configurations of SWB.Method:A community-based, convenience sample of Spanish institutionalised and non-institutionalised elders voluntarily participated in this cross-sectional study.Results:A cluster analysis produced three within-person psychosocial profiles characterised by distinct patterns of functioning:highly successful eldersdemonstrated to be healthy, highly confident in their own resources and very active in daily life;moderately successful eldersdemonstrated average functioning across domains, although they expected decreases in the future; andhighly impaired elderswere ill and stressed, at a high risk for future health problems and depression, and tried to compensate for their status mainly through social support. Each of these profiles was related differently to SWB configurations: highly successful elders demonstrated significantly higher happiness, positive affect, affect balance and life satisfaction; moderately successful elders showed average levels of SWB but decreased positive affect; and highly impaired elders demonstrated dramatically lower SWB. Furthermore, such trajectories were associated with the elders’ living condition. The happiest elders were more likely to be home-dwelling elders; however, there were fewer unhappy elders among those who were institutionalised.Conclusion:A person-centred approach to assessing psychosocial and SWB configurations provides a rich picture of individual differences in the ageing processes and can help in designing interventions aimed at enhancing happiness in old age. [ABSTRACT FROM PUBLISHER]