Is the link between close relationships and health and well‐being static across the lifespan, or are the benefits most evident in older adulthood, when concerns about physical health are greater? In Study 1, a cross‐sectional survey of 271,053 adults, valuing friendships was related to better functioning, particularly among older adults, whereas valuing familial relationships exerted a static influence on health and well‐being across the lifespan. In Study 2, a longitudinal study of 7,481 older adults, only strain from friendships predicted more chronic illnesses over a 6‐year period; support from spouses, children, and friends predicted higher subjective well‐being over an 8‐year period.