In our everyday lives, we must remember important information, especially if there are consequences for forgetting. In this review, I discuss recent work on responsible remembering: the strategic and effortful prioritization of important information with consequences for forgetting. Thus far, research regarding responsible remembering has revealed several key factors and mechanisms that work together to enhance memory for important information that will continue to be refined: the identification and selection of what to remember (metacognitive reflectivity), the forgetting of less important information to facilitate memory for items that do need to be remembered (responsible forgetting), the functional prioritization of attention at the expense of competing factors (responsible attention), and the selective recall of important information via efficient retrieval strategies (responsible retrieval). Together, these functions form a cohesive system that aims to selectively prioritize, encode, and recall information that is deemed important based on its anticipated utility or the consequences of forgetting, and considering the importance of information may be a critical memory adaptation as we age. Specifically, if younger and older adults learn to self-assess and prioritize important information that has negative consequences if forgotten, engage in strategic forgetting, efficiently allocate their attentional resources, and utilize effective retrieval operations, memory for said important information can be enhanced.