The sharp increase in life expectancy and the growing number of elderly people mean that more attention needs to be paid to their welfare. However, only a few studies have been done on the welfare of elderly people in Iran. This study examines the concept of social welfare from their perspective. Data were collected through semi-structured interviews with 20 elderly people and the results were analysed through content analysis. Two categories of concepts-material and non-material, were extracted. Material concepts include the subcategories 'economic situation, housing, physical access to outdoor space, health, leisure facilities, and social support' while non-material concepts include the subcategories of "emotions" and "relationships". The results of this study reveal multi-dimensional concepts which can also be used to develop welfare indicators for the Iranian elderly.