As people grow older they develop a sense of a dual age identity, referring to their age group and generation (Weiss & Lang, 2009). Two studies (N₁ = 37, 60–85 years and N₂ = 104, 65–88 years of age) compared and contrasted older adults’ cognitive representations of two types of age cohort groups (age group vs. generation). Analyses reveal that age-group identity was more frequently associated with loss and decline, whereas generation identity was more frequently associated with positive characteristics and increased levels of agency. Findings also show that generation identity may—especially in later adulthood—serve as a means to compensate for loss. The self-protective function of the dual age identity and the dynamic and flexible nature of identification are further discussed.