The prevalence and nature of panic symptoms in the elderly are poorly understood. In a replication and extension of Deer and Calamari [J. Behav. Ther. Exp. Psychiatry 29 (1998) 303], the current study sought to determine which symptoms of anxiety best differentiated elderly endorsers of panic from elderly who do not panic, and to compare these results to a reference younger sample. Based on a sample of 302 community-dwelling older adults and a comparison group of 275 younger adults, non-clinical panic (NCP) was endorsed in 26.2% of older adults, which is less frequent than the younger adults (42.7%). Although older and younger adults were similar in terms of clinical features of panic, health factors interacted significantly with panic symptoms in the elderly. When controlling for health, cognitive symptoms of anxiety were stronger predictors of panic in older adults than were physiological symptoms. Clinical implications for the assessment of panic in older adults are discussed.