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Whereas the ability to prioritize important information in memory remains preserved with age, it is still unclear how subjective value may interact with emotional valence to impact memory. The present study examined the interaction of value and valence in memory selectivity among younger and older adults. A sample of 24 younger (aged 17-29; 20.13 ± 2.54) and 24 older adults (aged 65-79, 70.13 ± 4.47) ranked valenced (positive and negative) and neutral words based on their subjectively perceived value/importance for memory. They then completed a value-directed remembering task, studying the same set of words paired with their assigned values, with a goal to maximize value points accrued in a subsequent word free recall task. Next, they completed a cued recall for values assigned to the words. Mixed-model analyses of variance were conducted on value assignment, word free recall, and cued value recall performance. Positive words were assigned a higher value/importance than negative or neutral words. Items assigned a higher value were better recalled and likely to be recalled first, an eff±ect that tends to be larger for older than younger adults. Older adults generally face specific challenges recalling schema-inconsistent high values originally assigned to negative words, an effect absent in younger adults. The results suggested that valence can direct value assignment and, in turn, interact with the assigned value to guide memory selectivity. Relative to younger adults, older adults appear more likely to rely on a "positive is more valuable than negative" schema to guide value retrieval.