The authors examined the effects of age and ability (as measured by education and verbal ability) on self-reported memory functioning in adulthood. In Study 1, the age and ability groups responded similarly to the Cognitive Failures Questionnaire (D. E. Broadbent, P. F. Cooper, P. Fitzgerald, & K. R. Parkes, 1982), but differences emerged when the authors examined specific items tapping prospective and retrospective memory. In Study 2, the authors found age and ability differences in self-reported memory functioning, as measured by the Memory Functioning Questionnaire (M. J. Gilewski, E. M. Zelinski, & K. W. Schaie, 1990) and in knowledge of memory aging, as measured by the Knowledge of Memory Aging Questionnaire (K. E. Cherry, R. L. West, C. M. Reese, M. P. Santa Maria, & M. Yassuda, 2000). In both studies, differences in self-reported functioning were not related to objective memory performance. In the second study, knowledge was positively related to performance. Implications for conceptions of metamemory and memory aging are considered. (Contains 8 tables and 1 note.)