In fact, scientists have found that as people age, their health declines and social networks atrophy (as peers die), which can make the elderly less happy.

Even if one does succumb to age's dark side, health and happiness don't always go hand-in-hand. It's all about attitude, a study published back in 2005 found. The researchers examined 500 Americans age 60 to 98 who had dealt with cancer, heart disease, diabetes, mental health conditions or a range of other problems. Despite their ills, participants rated their degree of successful aging an average of 8.4 on a scale from 1 to 10 (best score). Other research out that year suggested the sick and disabled are just as happy as the rest of us.

All about attitude

Research by the University of Chicago's Yang suggests that attitude about life, and thus happiness, is partly shaped by the era in which a person is born. For instance, she has found for those born in the 1900s depression declined with age while happiness increased more with age. And individuals born between the Great Depression and the end of World War II were more likely to say they are very happy compared with early baby boomers.

Happiness in old age could come down to how one stacks up to same-age peers or one's own expectations – say you're used to breakfast on a silver platter and when you get older you can only afford the basic English muffin. It turns out, individuals who adapt the best to changes also have the highest expected levels of happiness, according to the Population Reference Bureau.

Despite the conflicting findings about aging and happiness, the good news is that there doesn't appear to be a limit to how much happiness one can achieve in one's life.

"Most people desire happiness," Easterlin told LiveScience. "To my knowledge, no one has identified a limit to attainable happiness."
 

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