This article reports on a confirmatory analytic study of the Bachman Revision (1970) of Rosenberg's Self-Esteem Scale (1965) that was used in the Australian Longitudinal Study of Ageing (ALSA). Participants comprised 1,087 elderly people aged between 70 and 103 years (mean 77 years). Five competing factor models were tested with LISREL8. The best-fitting model was a nested one, with a General Self-Esteem second-order factor and two first-order factors, Positive Self-regard and Usefulness/Competence. This model was validated with data from a later wave of ALSA. Usefulness and competence have received little attention in the gerontological literature to date. Preliminary results indicate that usefulness/competence may be an important predictor of well-being. Further work is required on the relationships among usefulness, competence, self-esteem, and well-being in elderly people.