Prior research with young adults has shown how emotion goals (i.e., cognitive representations of preferred emotional states) can be instrumental (positive or negative) depending on the context and how this context sensitivity is linked to higher well‐being. However, this research has overlooked older adults. We argue it is important looking at this age group as there is mixed evidence given that on one hand they have been described as exhibiting a positivity bias (hedonic orientation; preference for positive emotion goals), and on the other hand, being capable of suppressing this when it is adaptive to do so. Importantly, this bias towards positive emotion goals has been linked to better emotion regulation and higher well‐being in older adults. In order to understand whether older adults can also exhibit instrumental emotion goals and whether this is linked to well‐being, we conducted an exploratory study with older (N = 43, M
age = 68.33), middle (N = 47, M
age = 43.83), and young adults (N = 47; M
age = 21.98) who reported about their general and contextual emotion goals (in collaboration and confrontation), their well‐being, and their current positive and negative affect. Although older adults reported lower negative affect than young adults, there were no age differences for general and contextualized emotion goals. Across the three age groups, a higher preference for happiness in general and in collaboration was linked to higher well‐being. The obtained results highlight the need to study emotion goals longitudinally to better understand their possible changes throughout the lifespan and their influence on well‐being.