In this study, a novel virtual walking system has been developed for putting the concept of advocating a positive acceptance of the later stages of life or aging, called smart aging, into practice. An essential core of the system can be found in striking the right balance between virtual and real worlds for old people to use pleasantly and safely. The system consists of a laptop computer, micro-projectors, and a completely new screen system mounted on the walking frame, called "walking frame mounted display (WFMD)." Users can physically walk with pleasure by the virtual reality technology and safely by the WFMD in the virtual environment. Furthermore, the WFMD does not require any sensors to be worn and is sufficiently inexpensive for home use. Comparison of experimental results clearly demonstrates that the real walking in a virtual environment using the WFMD is easier to use for old people than stamping their feet on the "Wii balance board" in the same environment.