50 elderly persons from two settings were assessed for objective purpose scores as well as the sources of meaningful experiences. The noninstitutionalized elders felt younger than their institutionalized peers, reported more meaningful life events, and had higher Purpose-In-Life scores, but did not differ from each other with respect to the events in life that were most meaningful. The categories that evolved were Love and Marriage, Births, Career/Education, Separations/Divorce, Accidents/ Illnesses/Deaths, Other/Miscellaneous Pursuits, and Major Purchases. No meaningful experiences (except Accidents/Illnesses/Deaths) were reported by either group after the age of 40 yr. The lack of meaningful experience in the second half of life is addressed with respect to consequences for both institutionalized and noninstitutionalized elderly.