Ageing populations across Europe are increasing. Communities have an important role in not only engaging this segment of the population but also in helping them to make them feel “part of something” (local or global) in order to favour their psychological well-being. The purpose of this paper is to study the effects of volunteering and being connected in one’s community on well-being. The present paper will test an older volunteers’ psychological well-being model. 143 older volunteers completed measures of religiousness, sense of global responsibility, psychological sense of community, generativity, motivation to volunteer and a profile of mood states. Data show that a psychological sense of community has a key role in the study of older volunteerism due to its impact on well-being. Service agencies and administrations can develop campaigns to sustain older volunteerism in order to increase well-being and reduce social costs.