How rapidly can we encode the specifics versus the gist of episodic memories? Competing theories have opposing answers, but empirical tests are based primarily on tasks of item memory. Few studies have addressed this question with tasks measuring the binding of event components (e.g., a person and a location), which forms the core of episodic memory. None of these prior studies included older adults, whose episodic memories are less specific in nature. We addressed this critical gap by presenting face-scene pairs (e.g., an old man with a park) at various encoding presentation rates to 80 young (M = 21.83 years) and 86 older (M = 68.62 years) adults. Participants completed associative recognition tests featuring old/intact (e.g., the old man with the same park), similar (e.g., the old man with a different park), and unrelated (e.g., the old man with a kitchen) pairs. Multinomial-processing-tree model analyses revealed that young and older adults encoded each pair's gist representation more rapidly than its specific representation, supporting fuzzy-trace theory. No age-related differences in gist representations were obtained at any presentation rate, but older adults required more time to encode specific representations commensurate with those of younger adults. However, older adults' abilities to retrieve these representations were cue-dependent, as they were more susceptible than younger adults to experiencing vivid false memories of similar lures. These phantom recollections were remediated with further increases in encoding time. Thus, slower speed of encoding partially underlies age-related declines in episodic memory specificity, but retrieval mechanisms also play a role. (PsycInfo Database Record (c) 2024 APA, all rights reserved).