Data obtained from interviews with 1,039 non-institutionalized Hispanic elderly (55 and older) who identified themselves as having one or more psychological difficulties were analyzed to determine what factors best predicted subjective well-being. The study was a secondary analysis of data collected in 1979-80 using a national sample stratified by geographic region. Twenty-six variables were selected from this data and classified under Larsen's four categories for determinants of well-being: (1) health and physical disability; (2) socioeconomic and demographic characteristics; (3) transportation and residence; (4) activity and social interaction. Variables selected included family income, living arrangements, ethnicity, urban/rural residence, home ownership, residential mobility, contact with kin, contact with friends and neighbors, church attendance, use of formal mental health services, use of informal mental health services (spouse, relatives, friends), and self-rated health status. Subjective well-being was measured by the number of distressing events experienced out of the categories of family problems, depression, sleeplessness because of worry, and unexplained fear. Step-wise regression analysis was used to determine the relative importance and interrelationship of variables. Findings indicated that subjective well-being was best predicted by use of informal mental health support systems followed by use of formal support systems, health status, and being a housewife. (JHZ)