Memory performance predictions are subjective estimates of possible memory task performance. The purpose of this study was to examine possible factors related to changes in word list performance predictions made by younger and older adults. Factors included memory self-efficacy, actual performance, and perceptions of performance. The current study examined the age differences in a sample of 59 older adults ("M" = 76.83 years) and 52 younger adults ("M" = 21.19 years) on memory predictions and the accuracy of those predictions for both an immediate and delayed word recall task. While memory self-efficacy did not influence predictions for either group, perceived and actual performance at immediate recall was related to accuracy of predictions at delay for both groups. In addition, there was a significant age-by-time interaction such that older adults became more accurate over time whereas younger adults declined slightly in their prediction accuracy. These findings suggest that older adults are able to make accurate adjustments to their predictions based on both their perceived and actual performance on tasks.