Conceptualization of the lives of adult women and the forces affecting their well-being have concentrated on five constructs: (1) chronological age; (2) menopause and the empty nest; (3) marital status; (4) parity; and (5) multiple role involvement as a source of stress. A re-examination of these variables focused on the concerns and gratifications experienced by women in various domains of life and their relationships to family status, employment status, age, and sense of well-being. A disproportionate random sample (N=238) of women aged 35-55, who were never married, married with children, married without children, or divorced with children, were interviewed using a structured survey instrument developed empirically on the basis of first-stage interviews with approximately 72 women. Results showed that women in the middle years scored high on all well-being indices. Eight indices of well-being included in the survey protocol were subjected to further analysis; two factors, mastery and pleasure, emerged. The findings indicated non-significant and/or weak relationships between these well-being factors and the five constructs. The results question the utility of these constructs that are often cited as critical to understanding psychological well-being among women in the middle years. (Author/NRB)