Rapidly increasing aged population provides an ample market opportunity for the Korean travel industry, and from national policy perspective, it poses an fortified demands for welfare tourism. In the fierce competition, this emerging market can serve as a lucrative target market for tourism & travel industry in Korea. In addition, using tourism for the aged as a social welfare policy can be a potentially viable means to mitigate the increase social pressure due to rapid population aging. This rationale is based on the assumption that tourism contributes to higher level of perceived life satisfaction compared to other leisure activities among the aged. In this study, using empirical data collected from 185 respondents aged 55 and above in Cheong Ju area, the effect of demographic factors and trip-related behaviors on life satisfaction was tested. The results indicate that economic and health conditions affect life satisfaction positively, while trip-related behaviors did not exert any significant effect on life satisfaction. In light of the results, practical implications for marketing and policy-making were presented in detail.