We examined age differences in the allocation of effort when reading text for either high levels of recall accuracy or high levels of efficiency. Older and younger adults read a series of sentences, making judgments of learning before recalling the information they had studied. Older adults showed less sensitivity than the young to the accuracy goal in terms of both reading time allocation and memory performance. Memory monitoring (i.e., the correspondence between actual and perceived learning) and differential allocation of effort to unlearned items were age-equivalent, so that age differences in goal adherence were not attributable to these factors. However, comparison with data from a judgment task neutral with respect to memory monitoring showed that learning gains among the old across trial were reduced relative to young by memory monitoring, suggesting that active memory monitoring may be resource-consuming for older learners. Regression analysis was used to show that age differences in the responsiveness to (cognitive/information-acquisition) goals could be accounted for, in part, by independent contributions from working memory and memory selfefficacy. Our data suggest that both processing capacity ("what you have") and beliefs ("knowing you can do it") can contribute to individual differences in engaging resources ("what you do") to effectively learn novel content from text.Age-graded declines in fluid abilities (e.g., working memory capacity, attentional processes, processing speed) can impact the outcomes of reading, most notably memory for the information in the text that was read (Johnson, 2003;Wingfield & Stine-Morrow, 2000). Poor discourse memory among older adults is often attributed to age-graded changes in processing efficiency (e.g., Hartley, Stojack, Mushaney, Annon, & Lee, 1994;Stine & Hindman, 1994), resulting in a degradation in the strength or fidelity of the text representation garnered from time allocated to the task. The effects of this decrease in processing efficiency on recall performance may be exacerbated by a neglect in the allocation of attentional resources to overcome changes in cognitive ability (Ratner, Schell, Crimmins, Mittelman, & Baldinelli, 1987;Stine-Morrow, Miller, & Leno, 2001;Stine-Morrow, Ryan, & Leonard, 2000;Zabrucky & Moore, 1994), essentially a self-regulatory phenomenon in which reading strategies do not fully accommodate to age-graded change in capacity.This study was motivated by the desire to understand why this accommodation may not occur. We considered the viability of three (not mutually exclusive) explanations. First, it could be that older readers' reduced working memory capacity impairs the executive control of selfregulatory processing (e.g., Thiede & Dunlosky, 1999). Second, it could be that fundamental components of metacognitive control (e.g., the ability to monitor the current status of memory and allocate effort appropriately) are compromised with age (e.g., Hertzog & Dunlosky, 2004). Finally, it could be that age-related change in motiv...