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Change in life satisfaction was modeled over a 22-year period in 1,927 men. A curvilinear relationship emerged. Growth-curve models indicated that life satisfaction peaked at age 65 and then declined, but showed significant individual differences in rate of change. Extraversion predicted variability in change, with higher levels associated with a high and flat life satisfaction trajectory. Time-varying physical health and marital status were associated with higher life satisfaction. Proximity to death was associated with a decline in life satisfaction. On measurement occasions that were within 1 year before death, trajectories showed steeper decline, and this effect was not attributable to declines in self-rated physical health. The findings are at odds with prior (cross-sectional) research showing that subjective well-being improves with aging.(PsycINFO Database Record (c) 2016 APA, all rights reserved)