The present study explored the factorial structure of the combined item pool of the Life Satisfaction Index A (LSIA) [1] and the Philadelphia Geriatric Center Morale Scale (PGCMS) [2], two prominent instruments for assessing subjective well-being (SWB) and formulating its structure among the elderly. The sample consisted of 830 older Israeli adults, randomly divided into two groups for cross-validating purposes. The exploratory factor analysis yielded five substantial factors labeled Reconciled Aging, Unstrained, Affect, General Contentment, Present Happiness, and Past Self-fulfillment. The emerging structure was subjected to a confirmatory factor analysis by LISREL, indicating the fit of Liang's model [3, 4] that postulates a second-order factor of SWB. Correlations between the factor scales and other SWB indices provided evidence of convergent validity. The current formulation, which awaits further replication and validation, demonstrated that while each measure does contain unique components, they both contribute to a superordinate construct. The integrative approach employed here might facilitate the delineation of basic psychological themes as well as generate a broader perspective for the assessment of SWB in old age.