Our research is interested in understanding how the elderly evaluate their past, so the aims of this study are, first, to understand if there are age differences within the older population in terms of positivity effect, and second, to test if perception of happiness and vulnerability are two independent recall systems. To test our hypotheses, we used the Vivre / Leben / Vivere survey on a population of 65 years and older (n=4200), in Switzerland. Findings show that happiness depends on social and cultural norms, while there is an age effect for vulnerability. For happiness, there are no age differences, but this is not the case for vulnerability: the oldest age groups are less likely to report episodes of vulnerability during most of their lives.