We investigated age-related differences in serial and strategic processing during the encoding and retrieval of high-value words. Younger and older adults were presented with word triads positioned left, center, and right, with one word being more valuable than the others. In Experiment 1, younger adults more effectively recalled the middle, high-value word, demonstrating enhanced strategic memory. Younger adults were more likely to initiate recall with a high-value word whereas older adults were equally likely to initiate recall with a left and high-value word. Additionally, older adults were more likely to recall words in their presented order while younger adults strategically recalled successive high-value words. However, both age groups demonstrated strategic processing in Experiments 2 and 3, even without prior knowledge of the high-value word's location. Thus, serial and strategic processing may differ based on age and task demands, but strategic processing is preserved in older adults in certain contexts.