In this study of the relationship between activity after retirement and personal adjustment to occupational retirement, the importance of activity was seen as dependent on perceptions of the retirement role and on self-concepts. About 240 retired male residents of Sun City, California, furnished general background data and information on their participation in a broad range of activities, perceptions of the retirement role, self-concepts, and adjustment. Subjects were divided into two categories: those who viewed retirement in terms of work-related values; and those who viewed retirement in terms of leisure. It was predicted that good adjustment would be highly related to "instrumental-service" activity in the former group, and to "expressive-pleasure" activity in the latter group. On 11 tests of the prediction, zero-order analysis, together with adequacy of income and self-estimates of health, produced six positive, reliable findings. The theoretical position received moderate support and considerable clarification. (author/ly)