This research assessed predictors of psychological well-being among 180 survivors of the Holocaust and among a comparison group of 160 immigrants of similar sociocultural background living in Israel. Four variables: better health, higher instrumental coping, lower emotional coping, and lesser social concern, were found to be significant predictors of psychological well-being in both groups. Among survivors, these four variables, as well as being married, fewer life crises, communication with co-workers, and not being resigned to fate, accounted for 52% of explained variance in psychological well-being. Among immigrants who served as a comparison group, these four variables, along with a relaxed personality style and good communication with one's spouse, accounted for 36% or explained variance in psychological well-being. Theses factors underscore the importance of current social and psychological adaptation for psychological well-being among survivors and among older persons of similar backgrounds who did not endure the extreme trauma of the Holocaust.