This article consists of a theoretical discussion on the concept of the quality of life and its assessment, as well as an overview of results obtained during the new, original empirical study carried out in Latvia on objective quantitative factors and subjective qualitative considerations that influence the quality of life of people above the working age. It has been determined that the quality of life for these people is influenced mainly by the following factors: low income resulting in limited ability to obtain household appliances and limited opportunities for recreation, social exclusion resulting from insufficient social interaction and access to infrastructure, and a negative health assessment. It is essential to note that people above the working age who live in multi-person households feel like a burden to others; however, those who live in single-person households feel lonely. Differences in the self-assessment of the quality of life were found between persons above the working age who live in single-person households and those who live in multi-person households. The majority of people above the working age believe that restricted financial means negatively influence their access to infrastructure, which, in turn, limits their opportunities for recreation and social interaction.