Population ageing has initiated many discussions concerning the issue of economic security in retirement. The aim of this paper is to explore the cultural and social life of elderly in the local community in the village Trenčianska Teplá. Specifically, we focus on the issue of economic security and the extent to which it affects participation of elderly in community life. According to field research results, the economic inequalities at the retirement age are levelled out. The participation on the community life has more important influence on satisfaction and quality of life of elderly than their socioeconomic status. The pension height has only limited impact on satisfaction and quality of life of retired.