In this article welfare systems and support networks are empirically analyzed to determine which generate the highest level of subjective well-being among retired persons. Propositions derived from support network theories and national welfare system typologies have been analyzed using causal models that indicate the influence of the various welfare systems and support networks on subjective well-being. The data was taken from the Social Relations and Social Support Systems module of the 2001 International Social Survey Program. The results indicate that liberal welfare systems generate the highest level of subjective well-being. This correlates with a lower degree of confidence in the welfare state, greater interpersonal trust and greater belief in individuals and their capacity to secure their own well-being. In the sphere of material well-being the subjective well-being of individuals is affected by a greater trust in people than in the state.