Although migration literature has largely explored the determinants of the intention to return to the country of origin, older migrants have only more recently become the focus of scientific interest. Building on the literature related to return migration, well‐being and ageing, we investigate quantitatively the determinants of return intentions in later life. We draw on longitudinal data from the German Socio‐Economic Panel (GSOEP) for the period 1984–2013 to address the role of subjective and objective well‐being in shaping later‐life (im)mobility intentions. Our findings highlight the key role of different dimensions of well‐being (economic and psychological factors) whose effects on return intentions are greatly shaped by gender; men are more influenced by economic conditions than women, for whom more intimate and subjective considerations seem to play a major role. Satisfaction with life in Germany plays a major role in permanent settlement for both female and male migrants. Other factors related to integration and to the (transnational) family structure significantly affect the desire to return to the country of origin.