For the most part, research into the reading activities of elderly readers has focused on three areas--amount of time spent reading, reading preferences, and psychological benefits of reading--and has yielded inconsistent results. The data from reading time research both supports and refutes the claim that reading is less prevalent among older than among younger people, although the implicit general conclusion of this research appears to be that reading is a popular leisure activity for the elderly. Reading preference research suggests that the reading preferences of older readers are totally individualistic. Finally, while researchers have made claims for the psychological benefits of reading for the elderly, such claims do not appear to be supported by empirical research. Further research should focus on defining more clearly the relationship between reading and psychological benefits. Perhaps researchers could gain more critical insights into the benefits of reading for the elderly by investigating the concept of value of reading, based on the interaction between time spent reading and the importance and enjoyment of reading for the individual. The concept of value of reading has implications for the development of reading programs based on individual differences and for investigations of the social and psychological processes that influence the elderly reader. (GT)