The authors conducted a dual-task study to examine age differences in speech processing under varying loads. Younger and older adults listened to and immediately recalled spoken passages presented at various speech rates (140-280 words per min). This task was performed alone as well as in a divided-attention condition in which subjects concurrently performed a picture recognition task. Consistent with the slowing hypothesis, older adults' immediate memory performance was differentially depressed when speech rates were very fast. The Age x Speech Rate interaction, however, was not exacerbated in the divided-attention condition. This suggests that aging may reduce the rate at which the processing operations underlying memory for speech are completed, but this is conceptually distinct from an age-related reduction in attentional capacity.