Although the Bradburn Affect Balance scale (ABS) is a frequently used two-factor indicator of well-being in later life, its measurement and invariance properties are not well documented. We examined these issues using confirmatory factor analyses of cross-sectional (adults ages 54-87 years) and longitudinal data from the Victoria Longitudinal Study. Stability of the positive and negative affect factors was moderate across a 3-year period. Overall, factor loadings for positive affect items were invariant over time with the exception of the pleased item. Negative affect items were time invariant. However, age-group comparisons between young-old and old-old groups revealed age differences in loadings for the upset item at Time 1. Finally, gender groups differed in loadings for the top of the world and going your way items. Thus a pattern of partial measurement equivalence characterized item response to the ABS. Our results suggest that group comparisons and longitudinal change in ABS scale scores of positive and negative affect should be interpreted with caution.