Predictors of change in domain-specific self-efficacy were examined in a sample of community-residing men and women aged 62 and older. Self-efficacy perceptions were assessed for eight domains of living: productivity, health, transportation, family relationships, relationships with friends, finances, safety, and living arrangements. Using pooled logistic regression models, both baseline and time-varying predictors of decline and improvement in self-efficacy were examined. The results indicated that while demographic and health factors were predictive of decline in self-efficacy for some domains of living, the most consistent predictors of decline were psychosocial characteristics. Specifically, prior levels of depression were associated with decline in the transportation, family relationships, relationships with friends, financial, safety, and living arrangements domains of living. The presence of a domain-specific hassle was associated with a decline in self-efficacy for the transportation, family relationships, finances, and living arrangements domains. In addition, lower levels of social network contact were predictive of decline in the health and safety domains, and the absence of instrumental support was also associated with decline in the productivity, health, and transportation domains of living. Improvements in self-efficacy perceptions were associated with fewer of the health and psychosocial characteristics and were primarily influenced by the availability of financial and emotional support resources.