Factors of Life Satisfaction in Old Age

This paper focuses on the trend of world population ageing: an increase in the proportion of elderly citizens due to the growth of life expectancy and a decrease in the birth rate. The process of population aging launches certain social and economic challenges to modern society, but at the same time, it gives a rise to many opportunities. The older generation has a huge potential, the successful implementation of which can be used for country's economic growth. One of the indispensable conditions for development is the subjective well-being of elderly citizens. This process will be analyzed in this paper. The purpose of the research is to determine the factors that affect the level of life satisfaction in old age. To achieve the goal of the paper the following objectives were set: 1) to identify the main characteristics of the process of world population ageing with the help of demographic research and forecasts; 2) to study the literature on active longevity; 3) to identify the main factors that affect the degree of life satisfaction in old age; 4) to conduct an empirical analysis of socio-economic factors and assess their impact on the degree of life satisfaction of older generation. The object of the study is older people aged 60 years and over. The subject of the study is the factors that affect the feeling of satisfaction with life in old age. The scientific novelty of this paper relates to the fact that until now the question of the determinants of life satisfaction in old age in Russia remains little-studied. During the research, the following results were obtained: the greatest impact on life satisfaction in old age is provided by such factors, as a subjective assessment of health status, the level of material well-being and the level of social respect. The findings may play a great role in developing a social policy regarding the elderly population.