We present two individual-differences investigations, carried out with the aim of identifying the memory correlates of decision-making skills. The investigations were carried out on population-based Swedish samples between 25 and 80 years of age (n > 500). Study 1 showed selective relations between memory processes (i.e., semantic, episodic, and working memory) and diverse aspects of decision-making competence as measured with the A-DMC battery. The age-related declines observed in the more cognitively-demanding decision-making tasks were mediated by the age-related differences in working memory or episodic memory. Study 2 confirmed the findings even when controlling for the influence of processing speed and sensory functioning. Overall, the results showed that different memory processes fulfill different functional roles in diverse judgment and decision-making tasks.