High rates of migration coupled with low formal social protection provisions may place many members of the elderly Georgian population in precarious living conditions that promote vulnerability and limit well-being achievement. This potential connection has been poorly explored in past literature, however, suggesting a need to better assess how the migration of an adult child may influence the multidimensional well-being of the elderly in Georgia. Using a novel dataset comprising 2202 elderly individuals across all regions of Georgia (excepting the territories of Abkhazia and South Ossetia), this paper proposes a multidimensional well-being index that has been specifically designed to encompass the unique resources and constraints faced by elderly individuals in different age cohorts. Following the construction of a multidimensional well-being index—comprised of domains including physical health and independence, housing well-being, social well-being, and emotional well-being—the outcomes of elderly individuals are compared by age and the presence/absence of adult children due to migration. Findings suggest that the migration status of an elderly person’s adult children is related to the attainment of well-being. Elderly individuals with a migrant child are more likely to attain well-being in physical health as well as in the overall multidimensional well-being index.