We assessed knowledge of retrieval processes in young (25-35 years) and old adults (70-85 years). Both feeling-of-knowing judgments and retrieval monitoring were examined with a set of questions about recent news events. For answers that participants initially failed to recall, they rated their feeling-of-knowing as well as made predictions regarding the likelihood of recalling the answer with the aid of a specified type of retrieval cue (retrieval monitoring). Accuracy was evaluated in the context of later recall or recognition performance. We found age group differences in the accuracy of retrieval monitoring, free recall, and recall aided by phonological cues. Using a separate inventory, we found no evidence for age group differences in participants' knowledge of general retrieval principles.