Demographic ageing has influenced the well-being of the population. Issues that need to be addressed in terms of generating vulnerability in older adults (aged 60+) include social exclusion. Using the longitudinal Survey of Health, Ageing and Retirement in Europe (SHARE), this study proposes a measure of social exclusion among older adults represented by five underlying dimensions: exclusion from material resources, from social relationships, from basic services, from participation in civic activities and from neighbourhoods. This measure is then associated with individual and collective factors using a multilevel linear regression model, which captures differences between countries and individuals over three years. The main results indicate that being female, having a high level of education, and living in an urban area are significant factors in the risk of social exclusion. Additionally, trust in government has a negative association while the Gini coefficient variable and belonging to Southern and Eastern European countries have positive associations. These regions are characterised by a more family-based, dependent culture, but exclusion in old age is also reflected in different political, historical, and socio-cultural contexts over time, which makes older people less likely to be socially excluded today.