The paper suggests that the institution of the family needs to be protected and strengthened through professional welfare services, including financial support to low income families, and counseling services both to the elderly and to family members. The review of psychological issues shows that there were many studies conducted abroad and a dearth of studies in India particularly on determinants of happiness in old age. There is a gap in our understanding of the modes of frustration, degree of social adjustment and the need patterns of different elderly age and social groups, old age ailments, physical infirmities and mental health. The paper suggest models of care and well-being of five groups of elderly to better target services to their differing needs. These are: (a) rural elderly, (b) urban poor elderly, (c) urban middle income well-to-do elderly, (d) female elderly and (e) elderly living alone. More studies are needed which use a multidisciplinary approach and do not view the elderly as passive receivers of care but as significant contributors to the family, society and country.