How does participation in nonformal learning influence the self-perceived well-being among older adults? This article looks into that issue through a study of people aged 65 years or older who have participated in Swedish study circles. The data analyzed consists of a nation-wide survey of study circle participants. The results show that there are beneficial effects from participating in study circles for the well-being of older adults. As could be expected, participants claim that their knowledge and skills have increased; but the main finding is the importance of the social dimension of participating in nonformal learning activities. The fellowship created in study circles is both an important motive for participation and an important outcome of having participated. This, however, is not at the expense of gaining new knowledge. Rather, the two dimensions may strengthen each other. Nonformal settings appear to provide an environment that has positive effects on the well-being of older adults. They do this by fostering a sense of belonging and the opportunity to be part of a fellowship that may work as an aid in avoiding social isolation and loneliness.