Daily physical activity is advocated by various federal health agencies for reducing many of the health risks affecting old age, but older women are generally not heeding the message. The Health Belief Model proposes that sedentary living occurs when people believe that the risks of exercising exceed the benefits. To clarify the beliefs that act as incentives and barriers to more active living, the author asked 143 independent-living women aged 70 and older to respond to open-ended questions on their beliefs about benefits and risks for 6 fitness activities: brisk walking, aquacize, riding a bike or cycling, stretching slowly to touch the toes, modified push-ups from a kneeling position, and supine curl-ups. Content analysis organized perceived risks into 19 categories and perceived benefits into 6 categories providing original data on the conceptions that older women hold about the utility of various types of physical activity. Respondents generally recognized broad health benefits to fitness activities, but beliefs about risks were strong, anatomically specific, and sometimes sensational in description. The findings suggest that many older women feel physically vulnerable, are unsure about their actual risks and benefits in exercise settings, and, in the face of that uncertainty, report medical reasons why they should be excused from fitness-promoting exercise.