PURPOSE: To investigate the association between cognition, social engagement, physical well-being, and emotional well-being in a diverse older population. METHOD: A secondary data analysis was conducted using a factor score structural equation model in a multiethnic sample of African American, Afro-Caribbean, Hispanic American, and European American participants. RESULTS: Statistically significant (direct effects) between the latent constructs of physical well-being, emotional well-being, and social engagement were found. Model invariance testing suggests a partial invariance model with differences in life space, depression, and anxiety across racial/ethnic groups. As a mediator, social engagement significantly diminished the effects of emotional well-being (i.e., anxiety and depression) and increased the effects of physical well-being (Life Space Assessment and SF-36 Physical Component Summary: β = -0.07, standard error [SE] = 0.14, CONCLUSION: Results suggest good model fit and a critical role for social engagement in its impact on cognition. [