The purpose of this longitudinal study was to investigate how life satisfaction is affected bydepression among poor baby boomers and non-poor baby boomers under a time wave. The subjectswere 1,493 baby boomers who were selected from the first to seventh Korean Welfare PanelStudies. The resulting data were analyzed with the statistical program AMOS 20.0 in order toconduct latent growth modeling analysis. The major findings were as follows: First, the intercept oflife satisfaction for poor baby boomers was lower than that of non-poor baby boomers, but theslope of life satisfaction ascended more steeply. Second, the intercept of depression for poor babyboomers was higher and that of life satisfaction was lower than for non-poor baby boomers.However, the slope of depression descended and that of life satisfaction ascended more steeply. Inbrief, regarding poor baby boomers and non-poor baby boomers, especially the life satisfaction ofpoor baby boomers was affected by depression more seriously according to a time wave. Finally, wediscuss the implications and end by considering the limitations of this study as well as makingsome suggestions for future investigations.