The purpose of this study is to analyze a difference in expectations for a living standard and life satisfaction among the elderly aged 65 or older depending on whether or not to participate in work. In this study, descriptive statistics analysis, correlation analysis, t-test and ANOVA were conducted using the 7th data of the Korean Longitudinal Study of Aging. The results of this study are as follows. First, it was found that the difference between the work-participating group and the non-work-participating group was statistically significant in the expectation of one's living standard and the expectation of the child's living standard. Second, in terms of the difference between the two groups on the satisfaction of health condition, the work-participating group was found to be higher than the non-work-participating group. Third, it was found that the work-participating group was statistically significantly higher than the non-work-participating group in the satisfaction of economic condition. Fourth, in satisfaction with the overall quality of life, the work-participating group was statistically significantly higher than the non-work-participating group. Fifth, according to the type of work participation, there were statistically significant differences among four groups in satisfaction with the economic condition and satisfaction with the overall quality of life.