Negative stereotypes of aging, such as dependency, tend to paint a picture of older adults as frail or a burden on society. This study aimed to explore the relationship between the Fear of Dependency Scale and anxiety and depression, evaluating gender, age, and physical health as moderators. Findings suggest that age moderated the relationship between fear of dependency and depression and anxiety in women, with middle-aged women reporting the highest levels of depression and anxiety. Similarly, poor physical health in women with high fear of dependency being related to higher levels of depression and anxiety. Fear of dependency was related to higher levels of depression, but not anxiety in men. Age did not moderate the relationship between fear of dependency and mental health measures, but physical health did moderate the relationship. Men with poor perceived health and a high fear of dependency reported higher levels of depression.