Data regarding perceived change were collected as part of a study of the effects of aerobic exercise training on psychological, cognitive, and physiological functioning among 101 healthy older adults. Subjects were assigned randomly to an aerobic exercise group, a yoga control group, or a waiting list group for 16 weeks, after which all subjects participated in aerobic exercise for another 16 weeks. Exercise participants perceived positive changes in a wide range of significant life areas, and perceived improvement was more closely related to objective improvement for physiological indicators than for indicators of cognitive functioning or psychological well-being.