Past research on intergenerational exchanges suggests that parents and adult children remain vitally involved in supportive exchanges in later life. What has not been examined is the long-term importance of patterns of intergenerational exchange for individual mental health and well-being. Using data drawn from the two waves of the National Survey of Families and Households on adults aged 50 and older (N = 2237, MAge = 62.3), we tested hypotheses derived from three theoretical explanations of the relationship between exchange patterns and psychological well-being. We found strong evidence for the importance of contingent exchanges between parents and adult children in promoting older adults' psychological well-being. Whereas receiving contingent exchange has positive consequences, noncontingent giving can have negative consequences around specific transitions in the lives of parents and children.