The majority of research on situation model processing in older adults has focused on narrative texts. Much of this research has shown that many important aspects of constructing a situation model for a text are preserved and may even improve with age. However, narratives need not be text-based, and little is known as to whether these findings generalize to visually-based narratives. The present study assessed the impact of story modality on event segmentation, which is a basic component of event comprehension. Older and younger adults viewed picture stories or read text versions of them and segmented them into events. There was comparable alignment between the segmentation judgments and a theoretically guided analysis of shifts in situational features across modalities for both populations. These results suggest that situation models provide older adults with a stable basis for event comprehension across different modalities of expereinces.