A combined experimental and individual differences approach was used to investigate the mediating role of task-specific and task-independent speed of information processing measures in the relationship between age and free-recall performance. Thirty-six younger adults (mean age = 21 years) and 36 older adults (mean age = 73 years) participated. Participants were required to encode 3 lists of words for immediate recall, by rehearsing the words aloud, twice, and 3 times. Participants' speed of information processing was assessed by 3 measures: rehearsal time, articulation speed, and scores on the Digit Symbol Substitution Test (DSST; Wechsler, 1981). Working memory was also assessed by a backward word-span measure. As predicted, younger adults recalled more words after rehearsing words 3 times rather than once, whereas older adults' recall did not increase with increasing numbers of rehearsals. Younger adults were faster on all speed-of-processing measures and had higher backward word span than did older adults. Task-independent speed of processing, measured by DSST scores and articulation speed, mediated the relationship between age and free recall. Scores on the DSST appear to reflect a fundamental difference between younger and older adults that influences recall performance.