Comparisons by race indicate that African Americans are significantly more disadvantaged than whites in their socioeconomic status. Despite complaints about their situation, however, African Americans report that their situation is better than they had expected. Although they perceive their health as poorer than whites, they are no more disabled functionally, and they have significantly better morale. Within-group correlations find the predictable associations between socioeconomic status and physical, psychological, and social outcomes for both groups. Nevertheless, both qualitative and quantitative data indicate that economic well-being is related to the congruence between expectations and the realities of life in advanced old age, making objective and subjective factors of similar importance.
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