Are Americans happier, or less happy, than they used to be? The answer may depend on life stage. We examined indicators of subjective well-being (SWB) in four nationally representative samples of U.S. adolescents (aged 13–18 years, n = 1.27 million) and adults (aged 18–96 years, n = 54,172). Recent adolescents reported greater happiness and life satisfaction than their predecessors, and adults over age 30 were less happy in recent years. Among adults, the previously established positive correlation between age and happiness has dwindled, disappearing by the early 2010s. Mixed-effects analyses primarily demonstrated time period rather than generational effects. The effect of time period on SWB is about d = |.13| in most age groups, about the size of reported links between SWB and objective health, marital status, being a parent, and volunteering.