Previous research has linked volunteering with a catalog of well-being indicators; however, it is unclear whether all volunteers derive the same benefit. The aim of this article is to examine the perceived benefits of volunteering among older people and to determine whether the benefits differ by volunteer characteristics. The study found that volunteers reported a wide range of benefits emerging from their volunteering, including increased socialization and self-worth. There was some evidence to suggest that benefits vary by volunteer characteristics with the older-old, the less educated, and the retired reporting the greatest benefit. In addition, different subgroups may benefit in different ways. Recognizing and responding to the potential benefits of volunteering to different groups is important in the recruitment and retention of volunteers.