The aim of this study is to explore three different developmental dimensions in an aging population. Based on sentence completion responses, the investigation examines personal anticipations of possible gains, maintenance, and losses. Additionally, the effects of age and other personal and situational factors are examined. The study sample consists of 2,934 participants ranging from 40 to 85 years of age, who participated in the German Aging Survey of 1996. Study findings indicate that, to a large extent, the anticipated gains include positive changes in the way of life and increased leisure projects while anticipated maintenance refer to physical and behavioral resources and to life style. Anticipated losses are related to concerns about external living conditions and physical decline. There is a strong association of anticipated gains and maintenance with age, while present health conditions are related to expectations of loss. The implications of the study results for lifespan expectations in the second half of life and for lifespan theory are discussed. (Contains 3 tables.)