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The study is confined to the two groups of superannuated male pensioners in Mumbai city. Survival chances of pensioners i.e.civil servants and teachers are comparatively higher than the general aged males. Onset of disease is much earlier among civil servants than teachers. But the proportional difference in the likelihood of suffering from any chronic disease among the two occupational categories reduces with age. If the impact of age on the progression of disease prevalence rate is assumed to be constant, it is the event of retirement that significantly increases the rate of suffering from chronic ailments only among teachers. Increasing age is a significant negative predictor of well-being for a teacher. As regards life satisfaction, two important determinants having a negative effect are perceived deterioration of economic status and severe difficulty incurred by any chronic disease. Having greater household support in housekeeping and seeing friends regularly are positive indicators for achieving greater satisfaction.Age is having a positive influence in enhancing the level of satisfaction among those aged who are better off in social behaviors.