The goal of the present study was to examine whether individual differences in basic cognitive abilities, processing speed, and working memory, are reliable predictors of individual differences in forgetting rates in old age. The sample for the present study comprised 364 participants aged between 65 and 80 years from the Zurich Longitudinal Study on Cognitive Aging. The impact of basic cognitive abilities on forgetting was analyzed by modeling working memory and processing speed as predictors of the amount of forgetting of 27 words, which had been learned across five trials. Forgetting was measured over a 30-minute interval by using parceling and a latent change model, in which the latent difference between recall performance after five learning trials and a delayed recall was modeled. Results implied reliable individual differences in forgetting. These individual differences in forgetting were strongly related to processing speed and working memory. Moreover, an age-related effect, which was significantly stronger for forgetting than for learning, emerged even after controlling effects of processing speed and working memory.