Literatures on perceived age and developmental issues in middle and later life are joined in analyzing perceived age and its implications for well-being. Respondents aged 40-74 (N = 2,696) are drawn from the national MIDUS survey, containing developmental variables such as personal growth and insight into past. People generally "feel" ("felt age") and would "like" ("ideal age") to be younger, but these exhibit different predictors and outcomes. Younger felt age is associated with positive developmental assessments and enhanced well-being, whereas younger ideal age is associated with less positive assessments and lower well-being. The association between felt age and well-being is moderated by developmental assessments. The contrasting patterns exhibited by "felt age" and "ideal age" reflect the complexities of age perceptions. It is suggested that felt age entails perceptions of current circumstances as they relate to expectations about aging, whereas ideal age reflects a comparative overview of the life cycle. (Contains 5 tables.)