In recent times the rapid socio-economic transformation has affected every aspect of traditional society. Thus, the society is witnessing a gradual but definite withering of the joint family system as a result of which sections of the family, primarily the elder, are exposed to somewhat emotional neglect and a lack of physical support. The present research dispels that the condition of elderly on a whole is not satisfactory either in village families or city families. Life satisfaction of majority in both regions was found low hence indicating depleting quality of life among Indian elderly. The study helps in creating awareness among elderly care givers and society to give more understanding, cooperation, and healthy communication so that the eroding traditional family relations can be boosted and stabilized by all generations. Given the increasing numbers of the aged in contemporary societies, empirical data on mutual social support variables influencing their independent living and contributing to their life satisfaction can guide interventions and policies for this population.