Our findings contribute to the debate concerning the paradox of well-being, which calls for explanation. There are few theories that provide some explanation (e.g., the socioemotional selectivity theory). However, to enhance researchers' understanding of developmental changes that contribute to the paradox of well-being, a more integrative theoretical model is needed.

These findings contradict, at least in our older sample, the postulates of positive psychology, and support the bottom-up approach to well-being as well as the popular adage, "As long as you've got your health."

There are three competing conceptions concerning the relationship between positive illusions and mental health: the 'traditional' mental health model, according to which an accurate perception of the self and the world is a cornerstone of psychological well-adjustment; Taylor and Brown's Social Psychological Model on mental health, which assumes that positive illusions promote good mental health; and Baumeister's Optimal Margin Theory, which states that too much accuracy is harmful to mental health, as are exaggerated illusions. These three models were evaluated in the elderly (n = 857 retirees ages 60-95) using the youthful bias, which is the illusion of being younger than one's real age. As a whole, the Social Psychological Model obtained the strongest support. Retirees who harboured an exaggerated youthful bias (more than 15 years) reported more satisfaction with leisure time, higher self-esteem, better perceived health, and less boredom proneness than those who felt as old as they were or who, except for perceived health, entertained a moderate youthful bias (between 1 and 15 years).

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Our findings support the importance of both modes of coping for the mental health of older adults. In particular, the ability to adjust goals was shown to be critical as a way of preventing the development of depressive symptoms following negative life events.

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In line with successful aging theory, our findings support the view that the ability to adjust personal goals flexibly is a central resource when unattainable goals are encountered and it contributes to well-being in old age.