Although researchers have investigated the chronological age-subjective age discrepancy in several ways, they have, for the most part, ignored where and how older persons live. The lifestyles of elderly Los Angeles residents (N=308), i.e., institutionalized, socially active in the community, or socially inactive in the community, were taken into account and examined in terms of individual perception of age. Subjects who identified themselves as feeling younger, older, or the same as their chronological age completed a battery of several psychological and sociodemographic measures. Findings indicated that the elderly who felt younger demonstrated greater affiliation tendencies, had subjectively more meaningful experiences, and felt more in control of their lives than those who perceived themselves as older. When the covariates of health, income, psychological health, and interviewer's effects were removed, analysis of covariance revealed that the relationship between perceived age and locus of control disappeared. A person's sense of involvement and personal meaning emerged as the most influential predictors with respect to how old a person felt inside. The results suggest a direct relationship exists between one's concept of self as young or old. (Author/NRB)