In this study, we examine the psychological well-being of older adults who have experienced the loss of a child. The study delves into whether psychological well-being differs between those who have and those who have not experienced the death of a child, and whether the time since the loss helps to predict well-being. Data from Waves 7 and 8 of the Survey of Health, Aging and Retirement in Europe (SHARE) (N = 37 649) were used. Psychological well-being was assessed with the Control, Autonomy, Self-Realization, and Pleasure (CASP-12) scale. The results show that while bereaved individuals tend to have lower psychological well-being, the difference is small. It was also found that the time after bereavement is positively associated with levels of well-being, indicating the possible long-term recovery of well-being.