In this study, we use data from a population survey of persons aged 65 and over living in the Irish Republic to examine the relationship of cognitive impairment, assessed using the Abbreviated Mental Test, with loneliness, boredom-proneness, social relations, and depression. Participants were randomly selected community-dwelling Irish people aged 65+ years. An Abbreviated Mental Test score of 8 or 9 out of 10 was classified as 'low normal', and a score of less than 8 as 'possible cognitive impairment'. We used clustering around latent variables analysis (CLV) to identify families of variables associated with reduced cognitive function. The overall prevalence of possible cognitive impairment was 14.7% (95% CI 12.4-17.3%). Low normal scores had a prevalence of 30.5% (95% CI 27.2-33.7%). CLV analysis identified three groups of predictors: 'Low social support' (widowed, living alone, low social support), 'personal cognitive reserve' (low social activity, no leisure exercise, never having married, loneliness and boredom-proneness), and 'sociodemographic cognitive reserve' (primary education, rural domicile). In multivariate analysis, both cognitive reserve clusters, but not social support, were independently associated with cognitive function. Loneliness and boredom-proneness are associated with reduced cognitive function in older age, and cluster with other factors associated with cognitive reserve. Both may have a common underlying mechanism in the failure to select and maintain attention on particular features of the social environment (loneliness) or the non-social environment (boredom-proneness).