In Europe, older women are more likely than older men to be living in poverty, and the contrast is directly related to their domestic roles and labour market position during earlier phases of their life courses. Despite Sweden's well-developed social security system, the generalisation applies to its older women. This paper examines the current incomes and life courses of 14 middle-aged and older Swedish women who have periodically had to rely on social assistance. Their circumstances and living conditions are considered in relation to their earlier lives and to the contextual conditions of the country's welfare state. Both life course and feminist perspectives are applied. All the interviewed women had been the main carers of their children, and had worked part-time or in low-paid jobs. Their formal employment histories have been the foundation of their vulnerable economic situation in older age, which the Swedish social security system does little to combat. Unless the bases and assumptions of the social security model are changed, there will continue to be many older women who live a life of poverty or near poverty.