The number of adults over 65 years of age has risen sharply in Switzerland in the past decades and is expected to increase further in the next 20 years, from around 1.2 million today to upwards of 1.9 million in 2030, representing an increase from 17% to 25% of the Swiss population (U.S. Census Bureau). An increase in the number of older adults poses opportunities as well as challenges and these must be met by assuring that older adults can make sound health and financial decisions that guarantee adequate standards of living. However, aging is associated with changes in cognition and affect that may negatively impact decision-making. This project assessed decision-making abilities and preferences using meta-analytic methods as well as by conducting behavioral experiments with younger and older adults in laboratory and real-world settings. We thus aimed to understand the contribution of age-related change in cognitive abilities and affect to decision-making performance in both the laboratory and the real world.