The broadband shape of the EEG spectrum, summarized using a 1/fxfunction, is thought to reflect the balance between excitation and inhibition in cortical regions (E:I balance). This balance is an important characteristic of neural circuits and could inform studies of aging, as older adults show a relative inhibitory activity deficit. Thus far, no studies have leveraged the event-related temporal dynamics of 1/fxactivity to better understand the phases of information processing, especially in the context of aging. Here, for the first time, we examined variations of this activity during the foreperiod of a cued flanker task in younger (YA) and older adults (OA), with picture cues varying in task relevance, relative novelty, and valence. We report a biphasic change in the spectral exponent (corresponding to negative slopes in log-log space) after cue presentation, independent of cue-elicited ERPs, with an initial period of increased negativity (indicating cortical inhibition, similar in YA and OA) followed by decreased negativity (indicating cortical excitation, especially in OA). The decrease in the exponent negativity was associated with lower performance and greater congruency costs in the flanker task. Finally, more novel cues reduced the shift towards excitation in OA, partly restoring their E:I balance and diminishing congruency costs. These findings demonstrate that the broadband shape of the EEG spectrum varies dynamically in a manner that is predictive of subsequent behavior. They also expand our understanding of how neural communication shapes cognition in YA and OA and have implications for neuroscientific models of cognitive processing and age-related cognitive decline.