Participation in organized exercise can help older adults maintain physical activity while developing interpersonal relationships and social connections within community settings. In multigenerational exercise groups, however, continued participation may depend on whether older adults feel socially included, recognized, and able to participate meaningfully alongside younger members. This paper examines the relationship between perceived inclusion and retention among older adults in multigenerational exercise groups. The conceptual framework draws on social gerontology, exercise psychology, social identity theory, self-determination theory, social support research, and community-based exercise adherence. Existing research suggests that physical-activity-specific social support, social connectedness, belonging, instructor characteristics, program design, and group interaction can influence participation and adherence among older adults. Because no original participant dataset was available, the manuscript uses a simulation-based conceptual design. Illustrative perceived-inclusion scores of 2.76, 3.61, and 4.38 represent initial group entry, early participation, and established participation, respectively. A second simulated analysis assigns contribution indicators of 51% to perceived inclusion, 45% to peer support, and 39% to intergenerational interaction. These values are methodological illustrations and do not represent empirical estimates, causal effects, regression coefficients, or population-level findings. The conceptual analysis proposes that perceived inclusion may strengthen retention by enhancing relatedness, social identity, interpersonal comfort, perceived usefulness, and expectations of continued acceptance. However, multigenerational participation should not be assumed to be inherently inclusive, because age differences may affect communication, perceived competence, activity preferences, and social confidence. Future research should use longitudinal designs, distinguish inclusion from social support and group cohesion, examine changes in belonging over time, and integrate attendance records with individual and relational measures of participation.