Solving problems in everyday life is crucial to living independently. However, with older age, everyday problem-solving abilities decline, and there is an age-related slowing in processing speed. This age-related slowing has been proposed as a mechanism underlying general decline in cognitive abilities such as everyday problem-solving abilities. In this study, we investigated the impact of processing speed in the context of everyday problem-solving. Specifically, we tested whether limiting the time available to solve everyday problems impairs performance in older adults more than in younger adults. To do so, we used the EPT-14 (Reinhartz et al., under revision), a new 14-item version of the Everyday Problems Test (Willis & Marsiske, 1993). Test performance metrics of younger (18-39 years), middle-aged (40-59 years), and older (60-85 years) adults completing the EPT-14 either with (n = 180) or without (n = 180) a time limit were compared. Older adults showed lower everyday problem-solving abilities than younger and middle-aged adults, but there was no interaction between time limit condition and age group. Limited time during testing negatively impacted all ages to a similar degree. The results indicate that time constraints impact everyday problem-solving abilities in younger, middle-aged, and older adults equally, and do not result in an additional impairment regarding older adults’ abilities to solve everyday life problems. Implications of these findings are discussed in the context of age-related decline, everyday problem-solving, and its assessment.