While research on parent-adult child relationships has expanded over the last two decades, most research has ignored the experiences of older fathers and their relationships with adult children. The present study sought to explore how midlife and older men assess the costs and rewards associated with their fatherhood experiences and how fathers' level of paternal maturity influences their perceptions of fatherhood. More specifically, the purpose of the present study was two-fold: to explore the costs and rewards of fatherhood and whether paternal maturity serves as a moderator of older men's fatherhood experiences. A purposive sample of 96 fathers (age 50-80) completed measures assessing ego development, generativity, and costs and rewards of fatherhood. The construct of paternal maturity, hypothesized to influence assessment of fatherhood experiences, was operationally defined as combining both affective (generativity) and cognitive (ego development) levels of psychological maturity. Results indicate mixed support for the influence of paternal maturity on fathers' perceptions of costs and rewards. Overall, findings note that the affective side of maturity (generativity) is more strongly associated with fathers' accounts of the costs and rewards than the cognitive side of maturity (ego development). Discussion centers on the utility of these concepts and the implications for continued research into the ongoing relationships between fathers and adult children. (Contains 4 tables.)